Monthly Top 5 ORX News Losses – September 2018
- 8 October 2018
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.
The operational risk year to date
Summary of distribution, frequency and severity of ORX News event digests.