Sep 28 2007
Mo’ (Morgan) Money
Mo’ problems for Morgan Stanley and this scenario doesn’t appear it will end in the same manner the Sunbeam case did. I suggest reading Elena Malykhina’s article in Information Week which puts a bright light on the recent Financial Industry Regulatory Authority’s (FINRA) decision to fine Morgan $12.5 million for withholding emails requested in arbitration hearings following the 9/11 terrorist attacks.
The emails in question were those in existance before 9/11 that Morgan claimed were destroyed in the attacks and thereby unavailable for production. It was found that Morgan in fact had restored the previously claimed destroyed emails.
What appears even more troubling is that pre 9/11 emails once restored were then allowed to be lost due to the overwriting of back up tapes that contained the emails in question.
Will the organization get their electronic preservation, hold/retention and production problems behind them?
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[…] recent email woes and admissions that came to light in 9/11 arbitrations. In that piece titled Mo’ (Morgan) Money (click for story) we touched upon emails requested in the arbitrations and Morgan’s response and […]