UBS Sends Letter to SEC, Calls Nasdaq's (NDAQ) Facebook IPO Compensation Plan 'Inadequate'
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Nasdaq OMX (Nasdaq: NDAQ) is slumping Thursday following UBS (NYSE: UBS) sending a letter to the U.S. SEC that the proposed compensation following the fudged Facebook (Nasdaq: FB) IPO offering as "inadequate."
Nasdaq proposed a $40 million compensation plan in June, latter boosting the amount to outcry from brokers and investors.
Reuters notes that UBS claims it lost $350 million due to a glitch that caused multiple trades and lack of confirmations in a timely manner.
UBS also wants the breadth of claims expanded "to include the full extent of losses caused by Nasdaq, and that the requirement that participants in the program release other legitimate claims they may have against Nasdaq is fundamentally unfair," it said in the letter.
Shares of Nasdaq are down 0.6 percent, UBS is off 0.9 percent, and Facebook is in positive territory.
Nasdaq proposed a $40 million compensation plan in June, latter boosting the amount to outcry from brokers and investors.
Reuters notes that UBS claims it lost $350 million due to a glitch that caused multiple trades and lack of confirmations in a timely manner.
UBS also wants the breadth of claims expanded "to include the full extent of losses caused by Nasdaq, and that the requirement that participants in the program release other legitimate claims they may have against Nasdaq is fundamentally unfair," it said in the letter.
Shares of Nasdaq are down 0.6 percent, UBS is off 0.9 percent, and Facebook is in positive territory.
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