California regulators have asked Deutsche Bank to seek outside help in recovering all the e-mails sought by state investigators examining Wall Street conflicts of interest.
Deutsche acknowledged in March that it had failed to turn over all the e-mails requested by California authorities. As a result, the company was excluded from the final settlement on Wall Street conflicts of interest announced last month.
Andre Pineda, deputy commissioner of the California Department of Corporations, said on Thursday Deutsche still had not turned over all the e-mails sought by his state.
He said California had received roughly two-thirds of the requested e-mails.
He said Deutsche had yet to supply “any good answers” explaining its difficulties in producing all the e-mails. But he said that, based on the evidence so far, “we are in no way saying we have an obstruction case”.
At the request of California regulators, Deutsche has enlisted a provider of compliance technology, Zantaz of Pleasanton, California, to help recover the missing e-mails.
Mr Pineda said: “It’s really, really, really hard to truly erase something off a magnetic media.” Deutsche said it “has co-operated fully” with regulators.
Deutsche agreed to pay $1.6m last December to settle an investigation into its record-keeping procedures. Four other banks Goldman Sachs, Morgan Stanley, Citigroup and US Bancorp Piper Jaffray were parties to that settlement.