5 largest operational risk losses: September 2020
- 12 October 2020
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 September 2020.
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Top 5 op risk losses reported by ORX News in September 2020
1. JPMorgan Chase – $920.2m
JPMorgan Chase agrees to pay USD 920.2 million for spoofing metals and US Treasury markets.
Business Line: BL0202 Global Markets
Event Type: EL0402 Improper Business or Market Practices
2. LCF – $236.5m
Investors sue LCF for GBP 178 million over alleged mini-bond fraud.
Business Line: BL0703 Fund Management
Event Type: EL0102 Internal Theft & Fraud
3. Rabobank – $189.3m
Rabobank loses up to EUR 160 million after Mexican government seizes ship collateral.
Business Line: BL0401 Commercial Banking
Event Type: EL0701 Transaction Capture, Execution & Maintenance
4. Mutual of Omaha – $6.7m
Mutual of Omaha agrees to pay USD 6.7 million to settle class action suit over ERISA breaches.
Business Line: BL2101 Pensions
Event Type: EL0401 Suitability, Disclosure & Fiduciary
5. Macquarie – $5.1m
Macquarie pays AUD 7 million over advisers inflating value of company shares to investors.
Business Line: BL0703 Fund Management
Event Type: EL0401 Suitability, Disclosure & Fiduciary
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The operational risk year to date
Summary of distribution, frequency and severity of ORX News event digests.
