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Deleting Emails Costs Morgan Stanley $1.45B

Posted by Zonk on from the that-was-important-and-i-forgot-it dept.

DoubleWhopper writes "The financial giant Morgan Stanley lost a $1.45 billion judgement yesterday due, in part, to their failure to retain old email. The judge in the case, 'frustrated at Morgan Stanley's repeated failure to provide [the plaintiff's] attorneys with e-mails, handed down a pretrial ruling that effectively found the bank had conspired to defraud' their former client. The CEO of a record retention software company noted, 'Morgan Stanley is going to be a harbinger'."

4 of 312 comments (clear)

  1. Oh crap! by TripMaster+Monkey · · Score: 5, Funny

    From TFS:

    The financial giant Morgan Stanley lost a $1.45 billion judgement yesterday due, in part, to their failure to retain old email.


    I'd sure hate to be the system administrator who dropped the ball there...

    "What do you mean we don't have them archived??? You just cost us 1.45 billion dollars!"
    "Don't worry though...you can pay it back....we'll just dock your paychecks by...say...$1000 per pay period. At that rate you can have it all paid back in a little over 55,769 YEARS!!!

    ^_^

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    ~ |rip/\/\aster /\/\onkey

  2. I know how they feel by COMON$ · · Score: 5, Funny

    I deleted an e-mail that gave me $10 off at tigerdirect...dont think I will ever recover.

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    CS: It is all sink or swim...oh and did I mention there are sharks in that water?
  3. Deleting Emails Costs Morgan Stanley $1.45B by Anonymous Coward · · Score: 5, Funny

    Wow. I can delete mine for free.

  4. They deleted MY emails! by richardmilhousnixon · · Score: 5, Funny

    I was a client of MS/DW. I kept trying to let my financial advisor know about this wonderful pill that would make his penis bigger, and I get the feeling that MY emails were deleted as well!

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    -- sometimes AND gates turn me on.