Without admitting or denying the allegations, Morgan Stanley has agreed to pay $15 million to settle charges that it had failed to produce tens of thousands of e-mails during investigations of an initial public offering and research analysts by the Securities and Exchange Commission. The SEC said that, Morgan Stanley “did not diligently search for back-up tapes containing responsive e-mails until 2005,” though it had issued subpoenas and document requests to the firm beginning in December 2000 and continuing through October 2004.

In addition, the commission alleged that Morgan Stanley had overwritten back up tapes and made numerous misstatement regarding the status and completeness of the requested material, according to a release.

“Morgan Stanley’s repeated production failures and misstatement prejudiced two major investigations,” said Antonia Chio, associate director of the SEC’s Division of Enforcement.” As part of the settlement, Morgan Stanley has agreed to “put into place reforms to prevent similar misconduct from recurring,” Chio said.