Comment Re:cost of doing business? (Score 1) 67
Examining the description posted by the SEC, it does look pretty accidental
7. In June 2019, a team at JPMorgan within the Corporate Compliance
Technology department (“the eComm Tech team”) was working on a project to delete old
electronic communications, including emails, instant messages and communications conveyed
over Bloomberg that were no longer required to be retained. Using policies and procedures
developed by JPMorgan and technicians at the vendor to facilitate the deletion of documents,
the eComm Tech team tried unsuccessfully to delete certain historical communications from
the 1970s and 1980s.
8. To troubleshoot the process, the eComm Tech team spread out deletion tasks
across multiple time periods and ran deletion tasks on emails from January 1 through April 23,
2018, erroneously believing, based on representations from the vendor, that the 2018 electronic
communications required to be maintained were protected from deletion by the vendor’s default
retention setting of thirty-six months. In fact, however, the vendor had failed to properly apply
the default thirty-six month retention setting to the “Chase” communications domain. As a result,
the troubleshooting exercise permanently deleted all of the emails in that domain from that
period which were not subject to legal holds.
JP Morgan paid about %175 million for a more malicious case of using WhatsApp a few years ago
