More legal action is likely over Nasdaq's botched Facebook IPO NEW YORK - The legal fallout from Facebook Inc.'s botched initial public offering last year isn't over, although regulators approved the $62-million plan by Nasdaq OMX Group Inc. to repay brokerages that lost money in the debacle. The U.S. Securities and Exchange Commission's approval Monday does not stop the government or other parties from taking further legal action against Nasdaq for losses suffered in the Facebook IPO fiasco in May. Swiss banking giant UBS, for one, tallied its losses at $357 million and wants more money back than the settlement could offer. The bank has condemned Nasdaq's plan "as inadequate and insufficient" and said Monday that it would still seek to recover through arbitration "the full extent of our losses." UBS criticized Nasdaq for its "gross mishandling" of the Facebook IPO and "substantial failures to perform its duties." Wall Street firms lost as much as an estimated $500 million because of Nasdaq glitches during that first day of trading. Brokerages complained that they didn't get confirmation that trades were going through, leaving investors in the dark about whether they owned the stock or at what price. But the exchange operator isn't pleased with the UBS decision to seek arbitration. "Nasdaq regrets that UBS has chosen to proceed through an arbitration, rather than through the accommodation process," the firm said. Nasdaq said it has "substantial defenses" against the bank's claims. After Facebook's IPO last year, the SEC launched a broad inquiry, but the agency has yet to announce the outcome of its probes. Separately, public pension funds, including the Fresno County Employees' Retirement Assn., have joined a class-action lawsuit against Facebook and its Wall Street underwriters. The suit, which is pending in federal court in Manhattan, alleges that lead underwriters gave only some select investors a heads-up that Facebook's eleventh-hour revenue forecast had soured, putting others at a disadvantage.