Investment bank Morgan Stanley is offering $15 million to the Securities and Exchange Commission (SEC) in hopes of ending an SEC investigation into the firm’s reputed failure to produce e-mail evidence in court, OUT-LAW.com reports via The Register.Within its annual report filed in early February, Morgan Stanley stated that it has come to “an agreement in principle” with the SEC’s enforcement division, OUT-LAW.com reports. The full SEC has not yet seen the settlement proposal, according to OUT-LAW.com. The report plainly states, “No assurance can be given that it will be accepted.”The report also says that $15 million would be the largest amount ever paid for failure to retain e-mail, OUT-LAW.com reports. The SEC investigation is in reference to the sale of Coleman to Sunbeam in 1998, according to OUT-LAW.com.Sunbeam stock made up a percentage of the selling price, and shortly after the deal was closed that stock dropped significantly. Morgan Stanley advised Coleman owner Ronald Perelman on the sale, and after the stock plummeted, Perelman accused the investment bank of having a hand in the scandal that cloaked Sunbeam’s financial difficulties, OUT-LAW.com reports. When Morgan Stanley didn’t produce a number of documents and e-mail messages requested by Perelman’s attorney, the presiding judge become frustrated with the investment bank and shifted the burden of proof onto Morgan Stanley so that it had to prove its innocence, according to OUT-LAW.com.Perelman was awarded some $1.45 billion in damages, according to OUT-LAW.com.Don’t forget to keep checking in at our CSO Security Feed page for updated news coverage. Related content feature Top cybersecurity M&A deals for 2023 Fears of recession, rising interest rates, mass tech layoffs, and conservative spending trends are likely to make dealmakers cautious, but an ever-increasing need to defend against bigger and faster attacks will likely keep M&A activity steady in By CSO Staff Sep 22, 2023 24 mins Mergers and Acquisitions Mergers and Acquisitions Mergers and Acquisitions brandpost Unmasking ransomware threat clusters: Why it matters to defenders Similar patterns of behavior among ransomware treat groups can help security teams better understand and prepare for attacks By Joan Goodchild Sep 21, 2023 3 mins Cybercrime news analysis China’s offensive cyber operations support “soft power” agenda in Africa Researchers track Chinese cyber espionage intrusions targeting African industrial sectors. By Michael Hill Sep 21, 2023 5 mins Advanced Persistent Threats Cyberattacks Critical Infrastructure brandpost Proactive OT security requires visibility + prevention You cannot protect your operation by simply watching and waiting. It is essential to have a defense-in-depth approach. By Austen Byers Sep 21, 2023 4 mins Security Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe