SEC Approves Nasdaq's $62 Million Facebook IPO Reimbursement Plan

The Securities and Exchange Commission has given Nasdaq OMX Group (NASDAQ: NDAQ  ) approval to repay investment firms a total of $62 million for technical problems associated with the Facebook initial public offering this past May.

Facebook was one of the most anticipated IPOs of 2012, but computer problems led to delayed trades and insufficient trading information that  caused some investment firms to lose millions of dollars.

The SEC will allow Nasdaq to pay $62 million in repayments in light of the computer problems that investors faced while trying to buy and sell Facebook stock the day of its IPO. Nasdaq said in June that it would pay $40 million, but increased that amount to $62 million.

The Associated Press contributed to this report.

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2332276, ~/Articles/ArticleHandler.aspx, 7/23/2014 6:04:54 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

TREND TRACKER: Get Rich When the Web Goes Dark

It's time to say "goodbye" to your Internet! One bleeding-edge technology is about to put the World Wide Web to bed. And if you act right away, it could make you wildly rich. Experts are calling it the single largest business opportunity in the history of capitalism… The Economist is calling it "transformative"... but you'll probably just call it "how I made my millions." Big money is already on the move. Don't be too late to the party – find out the 1 stock to own when the Web goes dark.