26 July 2016
Find out more

UBS ponders Nasdaq OMX legal action over $350m Facebook IPO disaster - CNBC

11 June 2012  |  5330 views  |  0 UBS  web screen shot

Swiss bank UBS is weighing legal action against Nasdaq OMX after losing up to $350 million during the botched Facebook IPO, according to CNBC.

Citing sources, CNBC says that UBS placed an order for one million Facebook shares on 18 May, the day the social network floated. When the company did not receive confirmations it repeated the order a number of times, ending up with unwanted stock.

UBS has issued a statement confirming it lost money but has refused to say how much other than the amount is not material, adding that it is "continuing to consider avenues to recover our losses in this matter, but have not yet taken legal action".

Last week Nasdaq OMX said it was setting aside around $40 million to cover broker losses related to the botched Facebook IPO in a plan widely criticised by both customers and rivals.

UBS May Have Facebook Trading Loss of $350 Million - CNBC

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Nasdaq OMX offers brokers $40m over Facebook fiasco

Nasdaq OMX offers brokers $40m over Facebook fiasco

07 June 2012  |  5130 views  |  0 comments
Facebook share fall triggers circuit breaker

Facebook share fall triggers circuit breaker

30 May 2012  |  6894 views  |  0 comments
Facebook IPO fallout continues as investor sues Nasdaq OMX

Facebook IPO fallout continues as investor sues Nasdaq OMX

23 May 2012  |  5785 views  |  0 comments
Facebook float tests Nasdaq resilience as stock opening delayed

Facebook float tests Nasdaq resilience as stock opening delayed

18 May 2012  |  6031 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit VocaLink.comVisit www.abe-eba.euFind out more

Who is commenting?

Top topics

Most viewed Most shared
MasterCard agrees £700m VocaLink acquisitionMasterCard agrees £700m VocaLink acqu...
9105 views 14 comments | 32 tweets | 37 linkedin
satelliteContactless Bitcoin startup Plutus Tap &am...
9087 views comments | 9 tweets | 4 linkedin
hands typing furiouslyBanking on IoT: Security in the Internet o...
8738 views 3 | 21 tweets | 7 linkedin
Apps crush internet for UK banking loginsApps crush internet for UK banking logins
7509 views comments | 17 tweets | 25 linkedin
Thomson Reuters and Imperial College form fintech and regtech research partnershipThomson Reuters and Imperial College form...
5847 views comments | 29 tweets | 16 linkedin

Featured job


Brussels (Belgium) or Paris (France)

Find your next job