"US investment bank Morgan Stanley will offer a settlement to the Securities and Exchange Commission (SEC), agreeing in principle to pay a $15 million fine for failing to preserve e-mail messages. The e-mail messages could have provided useful evidence in several cases brought against the company. In one case, resulting in a $1.58 billion judgement against the bank, a judge turned the burden of proof on Morgan Stanley after learning they had deleted e-mails related to the case. However, Morgan Stanley has not yet presented the offer to the SEC nor is there a guarantee the SEC will accept. The investment bank says it is fixing the problems that led to the erasure and is pleading for leniency."
He, He, He!
You see, the email archiving market is about to top $310M for 2005 according to the IDC, still one of the world's most powerful investment banks cannot seem to be able to comply with the requirements.
Lack of financial power - nope, lack of incentives - yep! The case reminds me of KPMG's tax shelters, McAfee's fine for accounting scam between 1998-2000, and the "Smoking Emails" Admissible In $1 Billion Enron-Related Chase Case".
Quit smoking emails, and take advantage of MailArchiva - Open Source Email Archiving and Compliance.
Techorati tags :
smoking gun, investment banking, compliance, mailarchiva
