Language Selection

English French German Italian Portuguese Spanish

E-mail retention a must after Morgan Stanley case

Filed under
Legal

Banks and broker-dealers are obliged to retain e-mail and instant messaging documents for three years under U.S. Securities and Exchange Commission rules. But similar requirements will apply to all public companies from July 2006 under the Sarbanes-Oxley corporate reform measures.

At the same time, U.S. courts are imposing increasingly harsh punishments on corporations that fail to comply with orders to produce e-mail documents, the experts said.

Where judges once were more likely to accept that incompetence or computer problems might be to blame, they are now apt to rule that noncompliance is an indication a company has something to hide.

"Morgan Stanley is going to be a harbinger," said Bill Lyons, chief executive officer of AXS-One, a provider of records retention software systems.

"I think general counsels around the world are going to look at this as a legal Chernobyl," he said.

Wednesday's $1.45 billion verdict against Morgan Stanley in West Palm Beach, Fla., was the product of just such a negative ruling on e-mail retention, which is also expected to form the backbone of the Wall Street firm's appeal.

Other cases have also resulted in rulings on e-mails.

Full Story.

More in Tux Machines

Leftovers: Ubuntu

Leftovers: Software

today's howtos

Phoronix on NVIDIA

  • Compute Shader Support Patches For NVIDIA Fermi On Nouveau
    Samuel Pitoiset has published a set of twelve patches for implementing compute shaders support within the Nouveau NVC0 Gallium3D driver for the GeForce 400/500 "Fermi" graphics processors.
  • NVIDIA Posts Latest PRIME Sync Patches On Road To Better Support
    Alex Goins of NVIDIA has spent the past several months working on PRIME synchronization support to fix tearing when using this NVIDIA-popular multi-GPU method. The latest patches were published this week.
  • The Best Graphics Card Brands For NVIDIA/AMD GPUs As A Linux Consumer?
    One of the most frequent topics I'm emailed about is any brand recommendations among NVIDIA and AMD AIB partners for graphics cards. For Linux users, is there a particular brand preference for graphics cards? The short story is, no, there isn't one particular brand when selecting either a GeForce or Radeon graphics card that a Linux gamer/enthusiast should go with over another AIB partner. Over the past 12 years of running Phoronix, there has been no single AIB partner that superbly stands out compared to the rest when it comes to graphics card AIB partner brands like ASUS, Zotac, HIS, MSI, etc. They all work under Linux, rarely the AIB differences extend beyond the heatsink/cooler and any default clock speed differences, and I haven't seen one that's over-the-top crazy about Linux. I also haven't seen any major partner consistently put the Tux logo or other Linux markings on their product packaging, let alone incorporate any Linux drivers onto their CD/DVD driver media.