NEW YORK (AP) -- The Nasdaq stock exchange is chipping in more money to reimburse investment firms that lost money when online social network Facebook went public in May because computer glitches delayed their trading orders.
The revised proposal announced late Friday calls for Nasdaq to pay $62 million to firms ensnared in the breakdown. That's up from the $40 million pool that Nasdaq initially announced seven weeks ago.
The exchange says all the payments will now be in cash instead of trading credits as envisioned under the original program. The trading credit provision had riled the New York Stock Exchange, which attacked the plan as an attempt to entice firms to defect to the rival Nasdaq exchange.
Nasdaq says more firms will be eligible for reimbursement under its new proposal, too.
KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.
If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.powered by Disqus