Losses and lawsuits
Our monthly review of fraud management failure, human error and other operational hazards at financial firms around the world, distilled from the First database of operational risk loss events and case studies
Citigroup
Enrico Bondi, the executor for bankrupt Parmalat, announced at the end of July that he was suing Citigroup through the New Jersey courts for $10 billion for the role it played in arranging debt financing for the failed dairy concern. Bondi alleges that at least $8 billion of Parmalat funds were "lost, stolen or wasted by Parmalat insiders" with the active participation of "top levels" of
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