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Morgan Stanley becomes Morgan Stainly

Morgan Stanley becomes Morgan Stainly

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Morgan Stanley becomes Morgan Stainly

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  1. Morgan Stanley becomes Morgan Stainly Ruining the image of Morgan Stanley through unnecessary sanctions

  2. Adverse inference instruction for “thwarting” email discovery leads to $1.45 billion jury award • In Coleman (Parent) Holdings, Inc. v. Morgan Stanley & Co., Inc., 2005 WL 679071 (Fla. Cir. Ct. Mar. 1, 2005), a Florida court issued an adverse inference instruction against Morgan Stanley for overwriting emails, failing to timely process hundreds of backup tapes, and failing to produce relevant emails with their attachments. Relying on that instruction, a jury awarded a total of $1.45 billion in damages against Morgan Stanley.

  3. Excessive amounts of unnecessary data • No other investment banking company is asked to perform such a great task • To produce all documents would be an impossible task • Produced documents the company felt was relevant • It is possible to miss data and make mistakes, regardless of how thorough a search is

  4. Software Errors • Software errors caused the searches of e-mails to be hyper case-sensitive, resulting in a failure to capture all e-mails. • A script error prevented the insertion of some e-mails into the archive.

  5. Who Conducts e-mail Retrieval? • Requesting party usually prohibited direct access • Confidentiality & privilege barriers to examination of irrelevant matters • Requesting party representative sometimes present & may help design search method • Increasingly, Neutral Third Party service provider used if production is complex or extensive (Bagby class slides Unit 8)

  6. Third Party Help • Court should have ordered a third party come in and assist with the discovery requests because of the enormous amount of data being searched.

  7. From WestLaw • Morgan Stanley continued throughout the trial to state how the e-mail searches could only be conducted at an enormous cost and would be fruitless because there were not backup tapes with e-mail from 1997 to 1998.

  8. Dilbert and EDD Destruction