Morgan Stanley to Pay $15 Million Fine to Settle E-Discovery Charges

Posted on May 11, 2006 by K&L Gates

From the New York Times:

"Wall Street powerhouse Morgan Stanley & Co. Inc. has agreed to pay a $15 million civil fine to settle federal regulators' charges that it repeatedly failed to provide tens of thousands of e-mails that they sought in major investigations over several years, federal regulators said Wednesday.

The Securities and Exchange Commission announced the settlement with Morgan Stanley, which neither admitted nor denied the allegations but did consent to a permanent injunction against future violations of the securities laws. In a civil lawsuit filed in federal court in Washington, the SEC also accused the investment firm of making "numerous misstatements" regarding the status of its efforts to preserve and produce the requested e-mails."

Read the entire story here.

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