Judge Blocks UBS' $350M Arbitration Over Facebook IPO

Law360, New York (August 2, 2013, 2:29 PM EDT) -- A New York federal judge has enjoined UBS AG’s $350 million arbitration proceeding against Nasdaq over the stock exchange's alleged failures during Facebook Inc.'s initial public offering, according to a court filing made public Friday.

The June 18 ruling by U.S. District Judge Robert Sweet, originally filed under seal, granted Nasdaq’s motion to enjoin UBS’s arbitration alleging that errors by the exchange during the May 2012 IPO breached a service agreement and caused at least $350 million in damages.

Judge Sweet said the allegations “implicate substantial...
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