Saving Your Company's Bucks and Hide...
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Did you know that, before paper money was used, Americans used animal hides, or buckskins, for money? This is the origin of the slang term "bucks." If you want to help your company keep more of their “bucks” as well as their “hide” in 2009, urge them to review and comply with their existing document retention policy.
Jerome Wendt on the StorageChannel.com’s blog revisited some lessons from the past, which remain relevant for the new year. Wendt’s blog discussed the 2002 case of Murphy Oil USA, Inc. v. Fluor Daniel, Inc. (2002 WL 246439, E.D. La. Feb. 19, 2002). Fluor Daniel had an email retention policy that allowed them to erase backup tapes after 45 days, but neglected to follow their own policy…resulting in the unintended preservation of 93 backup tapes, some of which contained damaging information. The Court ordered Fluor Daniel to produce email from one of these backup tapes. Fluor Daniel could have avoided an unfavorable court decision and the costs associated with producing certain incriminating evidence had it only complied with its own document retention policy.
The beginning of a new year should be seized as an opportunity to ensure that your company is complying with its existing document retention policy. This is an excellent first step to saving more than a few bucks and protecting your hide as well.
