Top 5 ORX News Losses: Q3 2020

  • 12 October 2020

Do you know which op risk loss events have had the most impact recently? Read on for the 5 largest operational risk losses reported by ORX News in Q3 2020.

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September

1. JPMorgan Chase – $920.2m

JPMorgan Chase agrees to pay USD 920.2 million for spoofing metals and US Treasury markets.

2. LCF – $236.5m

Investors sue LCF for GBP 178 million over alleged mini-bond fraud.

3. Rabobank – $189.3m 

Rabobank loses up to EUR 160 million after Mexican government seizes ship collateral. 

4. Mutual of Omaha – $6.7m 

Mutual of Omaha agrees to pay USD 6.7 million to settle class action suit over ERISA breaches.

5. Macquarie – $5.1m

Macquarie pays AUD 7 million over advisers inflating value of company shares to investors. 

Download September's Top 5

August

1. Citigroup – $520.4m

Citigroup mistakenly pays USD 900 million to Revlon lenders in clerical error.

2. Bank of Nova Scotia – $127.4m

Scotiabank agrees to pay over USD 127.4 million to settle over commodities price manipulation.

3. TD Bank Group – $122m 

TD Bank to pay USD 122 million restitution over overdraft enrollment practices. 

4. Capital One – $80m 

Capital One fined USD 80 million for failing to establish cyber risk management processes. 

5. Interactive Brokers Group – $38.7m

Interactive Brokers fined USD 38.7 million for SAR reporting failures and AML failures. 

Download August's Top 5

July

1. Goldman Sachs Group – $2.5bn

Goldman Sachs agrees to pay USD 2.5 billion to the Government of Malaysia over 1MDB fraud.

2. Deutsche Bank – $150m 

Deutsche Bank fined USD 150 million for compliance failures over Epstein, FBME and Danske.

3. American International Group – $39.9m 

VFA to pay USD 40 million to settle SEC charges over retirement plans disclosure failures. 

4. Credit Suisse – $15.5m

Credit Suisse settles for USD 15.5 million with pension funds over debt write-downs.

5. UBS – $10m

UBS pay USD 10 million for circumventing retail investor priority in municipal bond offering. 

Download July's Top 5

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The ORX News service works by searching global media outlets for operational risk loss events. Our team of multilingual researchers summarise the stories and classify them with the relevant information such as the sector, business line, event type and scenario category. This means you can easily use the service to enhance your scenario generation process, monitor important risk trends and raise awareness of operational risk events.

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