Narrative:

At 3;500 ft; in the process of accelerating to 250 KTS; ATC called traffic at 2 o'clock. I scanned the airspeed and saw 220 KTS accelerating. I then scanned outside for traffic. Scanned inside again and saw magenta selected speed indicator with actual speed 40 KTS below selected at approximately 5;000 ft scanned outside again for traffic. Brought scan back inside for speed and noticed the speed triangle was at 280 KTS in managed below 10;000. Airspeed was increasing through 270 KTS. I pulled aft stick to dissipate airspeed. I then told first officer to select 250 KTS on MCP. Airspeed excess was momentary. Maintenance was notified and a bit test was done at our destination. I do not know the outcome of that test.

Google
 

Original NASA ASRS Text

Title: An A319's autoflight system initiated an uncommanded speed change toward 285 KTS during the after takeoff climb out at 5;000 FT. Because the pilots were watching for traffic they did not see the FMGEC transition to managed speed.

Narrative: At 3;500 FT; in the process of accelerating to 250 KTS; ATC called traffic at 2 o'clock. I scanned the airspeed and saw 220 KTS accelerating. I then scanned outside for traffic. Scanned inside again and saw magenta selected speed indicator with actual speed 40 KTS below selected at approximately 5;000 FT scanned outside again for traffic. Brought scan back inside for speed and noticed the speed triangle was at 280 KTS in managed below 10;000. Airspeed was increasing through 270 KTS. I pulled aft stick to dissipate airspeed. I then told First Officer to select 250 KTS on MCP. Airspeed excess was momentary. Maintenance was notified and a bit test was done at our destination. I do not know the outcome of that test.

Data retrieved from NASA's ASRS site as of April 2012 and automatically converted to unabbreviated mixed upper/lowercase text. This report is for informational purposes with no guarantee of accuracy. See NASA's ASRS site for official report.