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.

July top 5

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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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