Monthly op risk losses: MetLife suffers $510m pension reversal

Also: UK credit card mis-selling; Italy crypto loss; LendingClub class action settlement. Data by ORX News

MetLife

The biggest operational risk loss in February was incurred by US insurer MetLife, which reinstated $510 million of pension reserves it had previously released in the 1990s. The firm discovered it had failed to make appropriate efforts to locate almost 13,500 people before declaring them “unresponsive and missing” and releasing their funds from its reserves. As a result, annuitants failed to receive due payments over a 25-year period.

Its internal controls at the time meant MetLife would release

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: