Hi Everyone,

This is a case all records managers should be following very closely.  Ron Perelman was awarded $604 million in compensatory damages in his lawsuit against Morgan Stanley yesterday.  The jury is meeting today to decide on punitive damages, which could be as high as three times the compensatory damages – bringing the total damages to as much as $2.5 billion!

Morgan Stanley lost this case for one reason: they did not properly manage their email records.  Perelman had offered to settle last year for only $20 million and Morgan Stanley rejected his offer.  That was before they knew what a disaster their email records were.  Now it may cost them two and a half billion dollars and possibly destroy the company.

Read this great article in the Wall Street Journal for full details:

http://online.wsj.com/article/0,,SB111620910505034309,00.html?mod=article-outset-box

If you don’t subscribe to the WSJ, you should.  Here’s a link to sign up:

https://users2.wsj.com/wsjreg/do/loadReg?call=R_ST

One more thing.  For anyone looking for practical advice on managing their email records, I wrote this article for ‘The Managed Record’newsletter:

http://www.compliancesolutionsgrp.com/Newsletters/Yes-Email.pdf

Regards,
Don Lueders
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