Citi May File Suit Against Nasdaq (NDAQ) Over Botched Facebook (FB) IPO
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Citigroup (NYSE: C) is planning to file a claim against Nasdaq OMX (Nasdaq: NDAQ) over the botched IPO of social media giant Facebook (Nasdaq: FB) last May.
The WSJ noted Monday night that Citi is currently exploring options for its claim under a proposed Nasdaq plan. The U.S. SEC last month approved a plan for Nasdaq to compensate traders on the IPO, though some argue that he $62 million proposal is far less than the estimated $500 million lost by firms.
UBS AG was the firm with the largest loss in the offering, amounting to $356 million by some estimates. The bank said it would seek out full coverage of its loss through arbitration proceedings.
Nasdaq shares are flat in late trading.
The WSJ noted Monday night that Citi is currently exploring options for its claim under a proposed Nasdaq plan. The U.S. SEC last month approved a plan for Nasdaq to compensate traders on the IPO, though some argue that he $62 million proposal is far less than the estimated $500 million lost by firms.
UBS AG was the firm with the largest loss in the offering, amounting to $356 million by some estimates. The bank said it would seek out full coverage of its loss through arbitration proceedings.
Nasdaq shares are flat in late trading.
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