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

Ubuntu Phone security updates end in June, app store closing

When Mark Shuttleworth, founder of Canonical (the company behind the Ubuntu Linux distribution), announced his company would not only be abandoning their custom desktop environment (Unity), but also halting development on their phone/tablet operating system, many questions were left unanswered. One of those questions: What happens to the existing phones and tablets running Ubuntu Touch that have already been sold? Read more

today's leftovers

  • OpenRA C&C Reimplementation Gets New Stable Release, Here Is What's New
    Oliver Brakmann from the OpenRA project, an open-source and cross-platform initiative to offer a reimplementation of the popular Command & Conquer games, announced the availability of a new stable release.
  • Pisi-Linux-2.0-Beta-KDE5
  • Arch-Based arkOS Linux Being Discontinued
    arkOS, the Arch-based Linux distribution focused on "securely self-hosting your online life" with aims to make it easy to deploy servers for web-based services, is being discontinued. ArkOS since 2012 had been working to make it trivial to deploy your own Linux web server, your own personal cloud (ownCloud), and making it easy for other services to be deployed while being done so securely and easily. You probably haven't heard of arkOS making the news in a while and sadly now it's making news again, but only because it's being discontinued by its lead developer.
  • SUSE Hack Week 15
    Back in February the fifteenth SUSE Hack Week took place. As always this was a week of free hacking, to learn, to innovate, to collaborate, and to have a lot of fun. I didn't have the full time, so I worked on a couple of small things and a few projects I maintain. I did want to summarize that, so here you go.
  • How To Use SD Card As Internal Storage On Android | Adoptable Storage On Android
  • Anbox - Android in a Box
  • Your CEO’s Obliviousness about Open Source is Endangering Your Business [Ed: Jeff Luszcz says nothing about the risk of proprietary components with back doors etc. and instead 'pulls a Black Duck']
    But what caused these issues? Itis what happens when an open source component is integrated into a commercial software product and violates its open source license, or when it contains a vulnerability that was previously unknown. As technology evolves, open source security and compliance risk are reaching a critical apex that if not addressed, will threaten the entire software supply chain.
  • Mentor tips Azure IoT support and Linux-driven self-driving tech [Ed: Azure is a patent trap with back doors]
    Mentor announced Azure Certified for IoT compliance for Mentor Embedded Linux, and unveiled a Linux-based “DRS360” self-driving car platform.

Leftovers: Software

  • 3 signs your Kubernetes distro is built to last
    It's hard to turn around these days without bumping into a Kubernetes distribution. For example, Mirantis recently buffed its OpenStack distribution to use Kubernetes as an internal component and for container management. Major Linux server distributions include it now. For Kubernetes adopters, it's all good news. It means the most remarkable development in the container world since, well, containers themselves is enjoying strong uptake and acceptance.
  • Cockpit – An Easy Way to Administer Multiple Remote Linux Servers via a Web Browser
    Cockpit is a free and open source web-based system management tool where users can easily monitor and manage multiple remote Linux srvers. It is very thin and light weight utility & directly interacts with the operating system from a real Linux session and doesn’t require any difficult configuration so just install it, it is ready for use.
  • Some Useful Indicators: Ayatana, Clipboard-Autoedit, Diskstat, Files, Bulletin and Udisks
    Panel Indicators always comes in handy when you have to do some productive work on your desktop computer, to access quick functions of different applications these indicators saves you a lot of time, some indicator give you information you want to receive, it all depends on your needs. Today presenting you some useful indicators which may help you and makes your desktop experience much better. Following all the indicators are developed by just one guy and available through his PPA.
  • SRT Video Transport Protocol Open-Sourced
    In aiming to enhance online video streaming, the SRT video protocol has been open-sourced and an alliance forming around that for low-latency video. SRT is short for Secure Reliable Transport and is a low-latency video transport protocol developed by Haivision. The SRT protocol is being opened under the LGPL license.

today's howtos