Top 5 ORX News Losses: Q3 2018
- 6 October 2018
Find out which operational risk loss events have had the most impact recently in the monthly top five losses of Q3 2018 from ORX News.
Each month, the ORX News team publish a list of the five largest losses reported in the previous month. Read on for all the top fives of Q3 2018.
September
1. Société Générale – $1.28bn
SocGen provisions EUR 1.1 billion to settle with US regulators over trade sanctions violations.
2. ING Group – $899.8m
ING Bank pays EUR 775 million settlement over allegations it violated AML and CTF regulations.
3. Global Credit Recovery – $345.0m
SEC halts Global Credit Recovery from operating USD 345 million Ponzi scheme.
4. State Farm – $250.0m
State Farm pays USD 250 million to settle claims it rigged election of favourable judge.
5. Punjab National Bank – $74.2m
Punjab National Bank allegedly defrauded of INR 5.39 billion in loans.
August
1. Zürcher Kantonalbank – $98.5m
Zürcher Kantonalbank to pay USD 98.5 million over allegations it facilitated US tax evasion.
2. Aegon – $97.6m
Four Transamerica entities settle for USD 97.6 million with SEC over investment model errors.
3. Citigroup – $86.8m
Citigroup fine and losses over improper trades and mismarking total USD 86.8 million.
4. Sudostroitelny bank – $44.4m
Sudostroitelny Bank defrauded of RUB 3 billion through loans based on fraudulent documents.
5. Wells Fargo & Company – $30.0m
Wells Fargo pays USD 30 million over nondisclosure of post-payment interest on FHA loans.
July
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.