Nasdaq Proposes $40 Million Fund to Compensate for Facebook Losses
Nasdaq OMX Group on Wednesday outlined plans for a “one-time” payout of around $40 million to compensate some financial firms that lost money after the exchange operator botched their trades during the ill-fated debut of Facebook shares.
The plan involves a mix of cash and trading discounts aimed at easing the reputational damage from the technical problems that plagued Facebook’s initial public offering last month and left brokers with unwanted trading positions, though Nasdaq has insisted it isn’t to blame for the sharp slide in the social media network’s valuation.
