On March 1, 2005, the giant US bank Morgan Stanley learned that it had effectively lost a $US1.45 billion fraud case. It lost, not because there was evidence that it had conspired to mis-state the value of assets and stock of one of its clients, as was the substance of the case against it, but rather because it had simply failed to produce evidence. It had forgotten (or deliberately failed) to discontinue its practice of overwriting emails…
