Brokerage sues Nasdaq for $36m losses due to glitch during Facebook flotation

ANI – Fri 25 May, 2012 2:52 PM IST

New York, May 26 (ANI): A broker in New York has asked Nasdaq to compensate it for up to 35 million dollars ($A36.01 million) in losses on the Facebook initial public offering (IPO), due to the market's computer problems on the first day of trade.

In a filing to the Securities and Exchange Commission on Wednesday, Knight Capital said that it had submitted a claim to Nasdaq for losses related to Friday's computer problems, which disrupted buy and sell orders during the launch of the US 16 ($A16.46) billion dollars IPO and thereby causing chaos at many brokerages.

"As has been well-publicised, there were numerous issues and problems at Nasdaq relating to the trading of Facebook. Some market participants, including the Company, suffered sizable losses," News.com.au quoted Knight, as saying in its filing.

"The company estimates its total pre-tax loss related to the events associated with the trading of Facebook to be in the range of 30 million dollars to 35 million dollars." it added. (ANI)

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