Ballard Spahr attorneys secured a favorable ruling on behalf on Nasdaq when a federal judge in New York granted a motion to enjoin UBS AG’s arbitration alleging that errors by the securities exchange during the May 2012 Facebook IPO caused at least $350 million in damages.

The judge in the case agreed with Nasdaq's argument that it would suffer irreparable harm if the arbitration were allowed to continue because a ruling in the arbitration could conflict with parallel litigation in federal court stemming from the Facebook IPO.

The case stems from technical problems that forced Nasdaq to delay trading of Facebook stock during the IPO, resulting in losses by brokers. Nasdaq, which is represented by Ballard Spahr partners William A. Slaughter and Stephen J. Kastenberg, agreed to pay $62 million to compensate the brokers, but UBS and other banks claimed that the losses totaled at least $350 million.  

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Commercial Litigation