The Nasdaq stock market and its lawyers at Ballard Spahr preserved a major victory at the U.S. Court of Appeals for the Second Circuit on Monday in a dispute with UBS Securities arising from the Facebook Inc. initial public offering.
UBS claims that technical glitches on Nasdaq caused it to lose more than $350 million in the 2012 IPO, and the bank sought to recover those losses through arbitration. A divided Second Circuit ruled Friday that UBS’ claims can’t be arbitrated, upholding an injunction issued by a lower court. The majority opinion was written by Judge Reena Raggi.
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