UBS May Sue Nasdaq Over $350M In Facebook IPO Losses

Law360, New York (June 8, 2012, 10:38 PM EDT) -- UBS AG is preparing to sue Nasdaq OMX Group Inc. over a technical glitch that delayed Facebook Inc.'s May 18 initial public offering and caused as much as $350 million in trading losses for the Swiss bank, according to a Friday news report.

Citing confidential sources, CNBC said the figure dwarfed the $30 million in losses that had been estimated previously by market analysts.

UBS representatives could not immediately be reached for comment Friday.

Earlier this week, Nasdaq offered to allot $40 million to resolve claims...
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