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.

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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.

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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.

Download January's Top 5

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