UBS has rejected a recently approved $62 million (CHF58 million) compensation package intended to make up for a computer glitch in the Facebook flotation. UBS lost CHF331 million in the botched trade – the lion’s share of the total losses.
The United States Securities and Exchange Commission (SEC) approved the Nasdaq stock exchange’s repayment package on Monday, stating that while it does not cover all the institution’s losses, it is “significantly more compensation for eligible claims, outside of litigation, than would otherwise be available.”
But UBS spokesperson Serge Steiner said the bank intends to seek compensation for the full extent of its losses.
“We already filed two letters to the SEC telling them this amount would not be sufficient, and their approval of the plan doesn’t change our opinion,” he told swissinfo.ch. Full story...
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The United States Securities and Exchange Commission (SEC) approved the Nasdaq stock exchange’s repayment package on Monday, stating that while it does not cover all the institution’s losses, it is “significantly more compensation for eligible claims, outside of litigation, than would otherwise be available.”
But UBS spokesperson Serge Steiner said the bank intends to seek compensation for the full extent of its losses.
“We already filed two letters to the SEC telling them this amount would not be sufficient, and their approval of the plan doesn’t change our opinion,” he told swissinfo.ch. Full story...
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