The New York Stock Exchange is set to cancel a series of erroneous trades in U.S. Bancorp after its preferred shares were issued at a fraction of their intended value for three days last month.
Shares of the bank's Series A preferred stock, introduced in a share swap, were first listed on June 11, and trading began on June 16 at about $79 per share instead of their market value of closer to $800, according to documents filed by the stock exchange with the Securities and Exchange Commission.
Shares continued trading at the incorrect levels until June 18 when exchange employees learned of the mistake and halted trading.
It was not immediately clear where the error originated, but the confusion cast further unfavorable light on the handling of erroneous trades by regulators.
