Monthly Top 5 ORX News Losses – January 2019

  • 20 February 2019

1.   General Electric, United States – $1500m

General Electric announces settlement with DoJ for USD 1.5 billion over subprime mortgages.

Business Line: BL0301 Retail Banking

Event Type: EL0402 Improper Business or Market Practices

2.  ED&F Man, Hong Kong – $284m

ED&F Man sues two Hong Kong firms for USD 284 million over alleged nickel fraud.

Business Line: BL0202 Global Markets

Event Type: EL0201 External Theft & Fraud

3.  Crédit Agricole, Italy – $80.1m

Crédit Agricole to pay EUR 70 million over FCA Bank’s auto financing antitrust violations.

Business Line: BL0301 Retail Banking

Event Type: EL0402 Improper Business or Market Practices

4.  Bank of New York Mellon, United States – $72.5m

BNY Mellon to pay USD 72.5 million over claims it overcharged for ADR dividend conversions.

Business Line: BL0601 Custody Services

Event Type: EL0401 Suitability, Disclosure & Fiduciary

5.  HSBC, United States – $30m

HSBC to pay USD 30 million to settle SSA bond rigging class action lawsuit.

Business Line: BL0202 Global Markets

Event Type: EL0402 Improper Business or Market Practices

The operational risk year to date

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

January 2019

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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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