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Nasdaq settles with the SEC for $10 million after botched Facebook IPO

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NASDAQ times square (STOCK)
NASDAQ times square (STOCK)

Nasdaq is settling with the SEC for $10 million over civil charges stemming from "ill-fated decisions" it made during Facebook's IPO just over one year ago. Facebook's first day as a public company was beset by a 30-minute trading delay as well as a variety of glitches and outages that left traders unsure of whether or not their trades had actually gone through. This $10 million deal lets Nasdaq settle the charges with the SEC without actually admitting or denying the allegations, and it's also about double what was rumored back in February. While this ends the civil charges brought against Nasdaq, the trading giant still has to deal with a class-action lawsuit from Facebook's first day on the stock exchange. All in all, it was an expensive misstep for Nasdaq — the SEC says that its $10 million settlement is the largest ever levied against a stock exchange.