Top 5 ORX News Losses: Q1 2021
- 12 April 2021
Do you know which op risk loss events have had the most impact recently? Read on for the 5 largest operational risk losses reported by ORX News in Q1 2021.
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March
1. Sberbank – $108.2m
Sberbank defrauded of RUB 8 billion through commercial loans to supermarket chain.
2. Sandell Asset Management – $105.0m
Sandell Asset Management settles for USD 105 million with NY AG over tax evasion claims.
3. Hutton Ventures – $53.0m
Hutton Ventures ordered to pay USD 53 million for deceptive student debt relief practices.
4. Mercuria Energy Group – $36.0m
Mercuria defrauded of USD 36 million as purchased copper replaced with painted paving stones.
5. Rahn+Bodmer – $22.0m
Rahn+Bodmer pays USD 22 million to US for conspiring to facilitate tax evasion.
February
1. Navient – $22.2m
Navient ordered to repay USD 22.3 million to US government for overpaid student loan subsidies.
2. Bitfinex and Tether – $18.5m
Bitfinex and Tether agree to pay a USD 18.5 million NY AG settlement for deceptive conduct.
3. NWB Bank – $9.9m
NWB Bank defrauded of EUR 12 million loan based on forged documents.
4. CaixaBank – $2.4m
CaixaBank fined EUR 2 million by CNMV for mis-selling complex financial products.
5. BNL – $1.2m
BNL vaults accessed by thieves who steal an estimated EUR 1 million by disabling alarm system.
January
1. Deutsche Bank – $122.9m
Deutsche Bank pays USD 123 million in settlements over alleged bribery and corruption.
2. Wells Fargo – $40.0m
Wells Fargo to settle USD 40 million for overcharging payment processing fees.ry
3. Nasdaq Clearing – $36.2m
Nasdaq Clearing fined SEK 300 million over deficiencies in operations and margin requirements.
4. MT Global – $32.4m
MT Global fined GBP 23.8 million by HMRC for AML and record-keeping failures.
5. Capital One – $13.0m
Capital One to settle USD 13 million class action over unfair ATM balance inquiry fees.
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