Death toll from Malaysian earthquake reaches 13




KUALA LUMPUR, Malaysia — Rescuers recovered the bodies of 11 more climbers from Malaysia’s highest peak on Saturday, a day after it was struck by a strong earthquake, bringing the total number of dead to 13.

Six people remained missing on the 13,435 foot high Mount Kinabalu on Malaysian Borneo, where a magnitude 5.9 earthquake on Friday sent rocks and boulders raining down the trekking routes, trapping dozens of climbers.

A video reportedly taken by staff of Laban Rata (near the Mount Kinabalu peak), following this morning’s

— Malay Mail Online (@themmailonline) June 5, 2015 Read more…

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Nasdaq Reaches $26.5 Million Settlement in Class Action Over Facebook IPO


FacebookNasdaqListed650Nasdaq parent Nasdaq OMX Group agreed to a $ 26.5 million settlement of a class-action lawsuit over the technical issues that plagued Facebook’s initial public offering May 18, 2012, Reuters reported.

The stock exchange suffered issues on the day of Facebook’s IPO that led to its opening being delayed and orders being stuck in its system for hours, and Nasdaq paid out $ 41.6 million in claims to brokerage firms at the end of 2013.

The exchange was also fined $ 10 million by the Securities and Exchange Commission in May 2013.

The class-action suit settled Thursday claimed that Nasdaq violated federal and state laws by failing to disclose potential technology issues in its IPO systems, and failure to properly design and test them, Reuters reported, and Vincent Cappucci, one of the lawyers representing the retail investor plaintiffs, told Reuters:

This is the first case that we are aware of where a class of investors has sued an exchange for market disruption, and the court has sustained those claims.

Nasdaq CEO Robert Greifeld told Reuters the exchange set aside $ 31 million for Facebook IPO-related litigation, and insurance would cover most or all of Thursday’s settlement, adding:

We are just happy to be able to move on.

Readers: What do you think of the settlement?

Image courtesy of Shutterstock.

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