Monthly Top 5 ORX News Losses – July 2018
- 7 August 2018
1. VBS Mutual Bank – $112.5m
VBS allegedly defrauded of ZAR 1.52 billion by executives in bribes and fake deposits.
2. Manulife Financial Corporation – $91.3m
John Hancock agrees to pay USD 91.3 million to settle claims it inflated life insurance rates.
3. Deutsche Bank – $74.9m
Deutsche Bank to pay USD 75 million to settle SEC allegations it mishandled pre-release ADRs.
4. Alfa-Bank – $40.0m
Alfa-Bank defrauded of USD 40 million commercial line of credit through deliberate bankruptcy.
5. TCF Financial Corporation – $30.0m
TCF Bank pays USD 30 million to settle overdraft opt-in and fees claims.
The operational risk year to date
Summary of distribution, frequency and severity of ORX News event digests.