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.