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The NASD, the nations largest self-regulatory organization for the securities industry, accused Morgan Stanley yesterday of routinely failing to provide e-mail messages to aggrieved customers who had filed arbitration cases against the firm over three and a half years and with making false claims that millions of e-mail messages in its possession had been lost in the Sept. The regulator also contended in its complaint against Morgan Stanley that the firm regularly destroyed millions of e-mail messages by overwriting its backup tapes and by allowing employees to delete messages.
Securities and Exchange Commission rules require that firms keep all e-mails and business communications for three years.
Morgan Stanleys failure to provide e-mail messages relating to arbitration cases began in October 2001, the NASD said, and extended through March 2005.
While claiming that the World Trade Center disaster had destroyed many of its e-mail messages, Morgan Stanley actually held millions of pre-Sept.
By the time the firm conducted the search that led to the production of the e-mail, the firm had already deleted millions of other messages from its servers and the regulatory matter at issue had been settled, NASD said.
A person briefed on Morgan Stanleys position said that the firms failure to produce and retain e-mail in the period covered by the NASD case was not intentional, but reflected a miscommunication between information technology employees and the firms legal department.
Caruso, a lawyer at Maddox, Hargett & Caruso and president of Public Investors Arbitration Bar Association. - Die Ursache für den Kurssturz an der Wall Street ist noch unklar.
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NASD also noted in its complaint that Morgan Stanley failed to produce e-mail that was the subject of regulatory requests.
For instance, in an investigation by NASD into the firms fee-based brokerage practices, Morgan Stanley falsely claimed that it did not have pre-October 2001 e-mail and failed to produce over 12,000 e-mail messages and attachments that NASD had requested, the regulator said.
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Ihr Nutzen, nämlich die Entschleunigung von Kursstürzen, ist zwar umstritten, doch die Geschehnisse zeigen, dass sie ihre Berechtigung hatte.
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