Nasdaq Plans to Address Facebook Fiasco in SEC Filing as Zuck & Co. Shares Fall Below $26

This should be fun, at least for those of us without any skin in the game: Nasdaq will disclose plans to compensate investors who suffered losses when technical glitches delayed the trading of Facebook shares on May 18 in an SEC filing tomorrow, the Wall Street Journal is reporting.

The catch is that regulations govern how much the exchange can return to investors to make up for technological malfunctions—such claims are limited to $3 million a month, though Nasdaq has expressed desire to distribute an additional $10.7 million, or the amount the exchange earned on shares it unexpectedly held on Facebook’s opening day.

Even at upwards of $14 million, Nasdaq could only begin to pay back losses suffered by Citigroup, UBS, Citadel and Knight Capital—the four largest market makers for Facebook stock who are believed to have lost up to $115 million on the trading delays. Total claims could range from $150 to $200 million, Reuters says, and Nasdaq appears to be playing hardball:

The exchange has done little to conciliate market making clients – a number of which lost tens of millions of dollars each due to the trading problems. There has been no outright apology.

Facebook shares, meanwhile, have continued to face-plant, falling today even as the S&P 500 climbed, coming to rest at $25.87, or down 32 percent from the offering price.