“In at least 12 civil securities-related regulatory investigations, eight of which were conducted by the Commission staff, JPMorgan received subpoenas and document requests for communications which could not be retrieved or produced because they had been deleted permanently”
JP Morgan wiped about 47 million communications records from 8,700 mailboxes. Investigators wanted them in at least 12 cases. The bank blames an unnamed archiving vendor that forgot to apply retention settings to the Chase domain. The SEC fined it $4 million, which is a rounding error on what losing the evidence was worth.