Citi Complains About Facebook Settlement
Citigroup Inc. (NYSE: C) does not feel it is being dealt fairly with in the matter of losses that arose from the Facebook Inc. (NASDAQ: FB) initial public offering. The bank believes that the settlement offer made by Nasdaq OMX Group Inc. (NASDAQ: NDAQ) is too low.
Citigroup slammed Nasdaq OMX Group's plan to compensate firms harmed by Facebook's botched market debut to the tune of $62 million, saying in a regulatory filing the exchange should be liable for hundreds of millions more, according to a letter seen by Reuters.
Since Citigroup is only one of hundreds of parties that could claim damages because of lost investment dollars, regulators will be asked to make a number of other decisions about Nasdaq's liability.
Douglas A. McIntyre
Filed under: 24/7 Wall St. Wire, IPOs Tagged: C, FB, NDAQ