UBS Gets Stung by Facebook IPO
UBS AG blames Nasdaq OMX Group for losses of as much as $350 million it suffered during Facebook’s tumultuous debut, according to people familiar with the bank’s trades.
UBS is weighing its legal options against Nasdaq, whose system problems caused widespread chaos on the May 18 opening of Facebook shares, the people said. It hasn’t reached a decision on its legal strategy, one person said.