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Nasdaq Asks Judge to Throw Out Suits Over Role in Facebook IPO

Nasdaq OMX Group Inc. asked a judge to throw out lawsuits against it by investors and traders over its role in Facebook Inc.’s May 2012 initial public offering.

Nasdaq asked U.S. District Judge Robert Sweet in Manhattan to dismiss a group of consolidated class actions claiming it violated securities laws and mishandled the first day of public trading in Facebook, the world’s biggest social network. Nasdaq claimed its legal status as a self-regulatory organization, or SRO, shields it from being sued for actions taken as part of its regulatory responsibilities.