Ballard Spahr attorneys preserved a major victory on behalf of NASDAQ at the U.S. Court of Appeals for the Second Circuit in a dispute with UBS Securities arising from the Facebook, Inc., initial public offering.

UBS sought to recover through arbitration what it claimed were more than $350 million losses caused by technical glitches that delayed the start of the 2012 IPO by about half an hour. A divided Second Circuit ruled Friday that UBS’s claims can’t be arbitrated, upholding a lower court’s injunction. NASDAQ is represented by Ballard Spahr attorney Stephen J. Kastenberg.

By opting for arbitration, UBS shunned a process administered by the Financial Industry Regulator Authority for NASDAQ members to recover limited damages related to the Facebook IPO. The deadline has passed for filing claims with FINRA; about $40 million in claims were approved.

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