Credit: Reuters/Lucas Jackson
The falling price of Facebook's stock is seen on a screen reflected in the window of the Nasdaq building in New York August 16, 2012.
By a 2-1 vote, the 2nd U.S. Circuit Court of Appeals in New York upheld a lower court judge's conclusion that UBS' claims were not subject to arbitration.
UBS claimed that Nasdaq's mismanagement of the IPO caused the Swiss bank to unintentionally amass tens of millions of Facebook shares, ultimately resulting in more than $350 million of losses.
(Reporting by Jonathan Stempel in New York; Editing by James Dalgleish)
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