Op risk data: Morgan Stanley, Capital One’s data breach double trouble
Also: Citi shells out $45m for misleading stock trading info; coding clangers cost Credit Suisse $9m. Data by ORX News
January’s largest operational risk loss is the $1.85 billion settlement that US student loan company Navient reached with 39 US states to resolve allegations of deceptive student loan servicing practices. The company was accused of originating costly long-term forbearance plans that caused students to pay more than they should have.
Interest that accrued because of Navient’s forbearance practices was added to the borrowers’ loan balances, pushing borrowers further into debt. Had Navient provided
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