Nasdaq to compensate firms on December 31 for botched Facebo

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      Technology News

      Man walks past sign welcoming Facebook to NASDAQ Marketsite in New YorkBy John McCrank NEW YORK (Reuters) – Nasdaq OMX Group Inc will compensate firms on December 31 for qualifying claims related to Facebook Inc's botched May 2012 initial public offering, the exchange operator said in a note to traders on Friday. Nasdaq said previously it would pay up to $41.6 million in claims to market participants that lost money when a glitch in Nasdaq's system during the IPO prevented timely order confirmations for many traders, leaving them unsure about their exposure for hours and, in some cases, for days afterwards. Nasdaq said a total of $41.6 million in claims qualified for compensation, even though market makers estimated they lost $500 million collectively. Firms that qualified for compensation had until December 23 to agree not to sue Nasdaq over the IPO in order to be eligible for a one-time voluntary payout.

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