J.P. Morgan Chase & Co. was fined $2.1 million for failing to store electron mail messages concerning the investigatation of conflict between research-analyst practices and Wall Street’s investment-banking.
The amount of fine is said to be one of the largest ever paid for violating the e-mail retention. In fact J.P. Morgan is not indicted for destroying the e-mail on purpose but is is being fined for providing the regulators with incorrect information on a set of e-mails requested for investigation.
Susan L. Merrill, the NYSE’s chief of enforcement, said in a statement that The bank’s "representation that its e-mail production was complete, without disclosing that it had failed to retain, locate and restore all e-mail responsive to our investigation, is simply unacceptable".
A J.P. Morgan refused to comment. The bank agreed to pay the fine without admitting or denying wrongdoing.