Monthly Top 5 ORX News Losses – February 2018

  • 12 March 2018

1. Punjab National Bank – $1.98bn

Punjab National Bank discovered it had been defrauded of USD 1.98bn in a letters of undertaking fraud involving bank employees and diamond businessman Nirav Modi.

2. Metlife – $510m

Metlife reinstated USD 510m of pension reserves it had previously released in the 1990s after it found it had failed to make adequate attempts to contact pensioners before releasing the reserves, leading to it missing payments for 25 years.

3. Vanquis – $239m

Provident Financial subsidiary Vanquis reached a GBP 170.8m settlement with the FCA over its failure to disclose the price of an add-on product it sold.

4. BitGrail – $204m

Italian cryptocurrency exchange BitGrail claimed it had lost 17 million Nano coins in a cyberattack.

5. Lending Club – $125m

P2P lender LendingClub agreed to pay USD 125m to settle class action claims it misled investors about its compliance practices.

The operational risk year to date

Summary of distribution, frequency and severity of ORX News event digests.

February 2018

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ORX News top five

Each month, the ORX News team publish a round-up of the five largest operational risk loss events recorded in the ORX News database.

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