SEC OKs $62M Payout For Facebook Loss From Nasdaq Glitch

Law360, New York (March 25, 2013, 12:55 PM EDT) -- Nasdaq OMX Group Inc. can pay up to $62 million to compensate brokers who lost money in Facebook Inc.'s initial public offering because of the exchange's technical problems, the U.S. Securities and Exchange Commission said Friday, although Citibank Inc. and others had deemed the figure too low.  

Under the approved proposal, Nasdaq can pay a maximum of $62 million to brokers who missed out on early lucrative trading in Facebook's IPO after the exchange was forced to delay trading because of a technical glitch in its...
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