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Nasdaq Is Still on Hook as SEC Backs Payout for Facebook IPO

Published on March 25, 2013
by Jenny Strasburg and Jacob Bunge

U.S. regulators approved a plan by Nasdaq OMX Group Inc. to pay customers as much as $62 million for losses stemming from last year’s bungled Facebook Inc. stock-market debut, though the decision left the door open for Wall Street firms to take further legal action.

The approval of the plan by the Securities and Exchange Commission marks an end to months of uncertainty among brokers over potential relief for losses from the social-networking company’s May 2012 initial public offering.

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