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JPMorgan Chase is fined by SEC after mistakenly deleting 47 million emails

NEW YORK, June 22 (Reuters) – JPMorgan Chase (JPM.N) has been fined $4 million by the U.S. Securities and Exchange Commission after about 47 million emails belonging to its retail banking group were mistakenly and permanently deleted.

The emails dated from Jan. 1 to April 23, 2018, and were deleted in June 2019 from about 8,700 mailboxes, including those belonging to as many as 7,500 employees who regularly worked with customers.

Many of the emails were business records that the largest U.S. bank was required under SEC rules to keep for three years.

The deletions occurred after JPMorgan’s corporate compliance technology department, which had been trying unsuccessfully to delete some communications from the 1970s and 1980s, sought help from an outside vendor managing the bank’s email storage.

According to a cease-and-desist order, the vendor failed to properly apply the three-year retention setting to “Chase” emails from early 2018.

https://www.reuters.com/legal/jpmorgan-chase-is-fined-by-sec-over-mistaken-deletion-emails-2023-06-22/

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