NEW YORK, March 25 UBS AG said on
Monday it has filed an arbitration demand against Nasdaq OMX
Group over losses from Facebook Inc's
glitch-ridden market debut in May.
UBS said it is seeking to be fully compensated for its
losses, which it previously said topped $350 million, from the
initial public offering.
Nasdaq said on Monday the U.S. Securities and Exchange
Commission approved its compensation plan for firms harmed in
the IPO. The plan would compensate a total of $62 million,
spread out over all firms that qualify for reimbursement.
"We have previously filed comment letters to the SEC in
August and November 2012 condemning Nasdaq's proposed
compensation plan as inadequate and insufficient, and the SEC's
approval of the plan does not change our opinion," UBS said in a
"Moreover, UBS has already filed an arbitration demand
against Nasdaq for the full extent of our losses over Nasdaq's
gross mishandling of the Facebook IPO in May 2012 and its
substantial failures to perform its duties."