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Reports: UBS may have suffered $350 million in Facebook trading losses, weighs suing Nasdaq
NEW YORK (AP) ' Published reports say UBS may have lost as much as $350 million due to technical glitches on the Nasdaq stock exchange the day Facebook Inc. went public.
CNBC and The Wall Street Journal cited people familiar with the matter in reports on the UBS losses Friday. They said the bank is considering legal action against Nasdaq.
Karina Byrne, a spokeswoman for UBS, confirmed the bank lost money due to Nasdaq's glitches but wouldn't disclose the amount. Byrne said the bank has not taken legal action but is weighing its options for recovering its losses.
If confirmed, the UBS losses would dwarf previous estimates for impacts of the Facebook IPO glitches. This week Nasdaq said it would hand out $40 million in cash and credit to reimburse investment firms.