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UBS May Have Facebook Trading Loss of $350 Million
UBS is sitting on losses that could be as high as $350 million stemming from its investment in the Facebook initial public offering, and is preparing legal action against Nasdaq as a result, people familiar with the matter told CNBC. That loss is some ten-times more than the $30 million number that is currently being speculated in the market by others. The issue has to do with the failure to get confirmations and executions from the Facebook [FB 27.095 0.785 (+2.98%) ]trade. These people said UBS [UBS 11.695 -0.075 (-0.64%) ] wanted 1 million shares, but when it did not receive confirmations, it repeated the order ... (full story)
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