Facebook Inc. and related parties told a New York federal court Friday that a controversial provision in Nasdaq’s proposed settlement over the social media giant’s botched $16 billion initial public offering must be preserved to stop investors from pursuing improper “double recovery” in related litigation.

Nasdaq is represented by William A. Slaughter, Stephen J. Kastenberg, Alan S. Petlak and Paul Lantieri III of Ballard Spahr LLP.

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Litigation