OPPENHEIMER SETTLEMENT OPT-OUT DATE IS
AUGUST 31, 2011
If you invested in the Oppenheimer Champion Income Fund or the Oppenheimer Core Bond Fund and you lost money, you should contact Napoli Bern Ripka Shkolnik, LLP immediately. The Oppenheimer Class Action Settlement will be finalized August 31, 2011. The Current Class Action Settlement will pay investors about 2 cents on the dollar on investor's net losses. Clients wishing to opt-out or discuss other means of achieving a better settlement are strongly encouraged to call law offices of Napoli Bern Ripka Skolnick, at 212-267-3700 ext. 159. Napoli Bern Ripka Skolnick, LLP's team of securities attorneys has successfully litigated hundreds of cases and has retrieved millions of dollars for their clients. Adam Gana, head of the Stock Fraud Department, has already filed dozens of claims against OppenheimerFunds Inc. in Colorado State Court, representing many clients who are opting out of the class settlement. The deadline is quickly approaching, and if members of the class do not opt-out by the August 31st deadline, they will only receive approximately two cents on the dollar for their losses.
Recently, OppenheimerFunds Inc. agreed to pay $100 million to settle allegations of mismanagement brought by its investors in their mutual funds. The $100 million dollars is being split between two class action lawsuits, which were combined by the Courts. The distributions include $47.5 million going to investors in the Core Bond Class, and $52.5 million for the Champion Income Fund Class. Despite the settlement OppenheimerFunds refuses to admit any wrongdoing, and described the settlement amount "to eliminate the burden, expense, uncertainty and risk of further litigation." The Plaintiffs had claimed that Oppenheimer had marketed their mutual funds as diversified, high-yielding, and conservative enough for retirement accounts. However, during the housing bubble the Oppenheimer Fund management had taken substantial riskier positions than the industry standards. Oppenheimer management placed huge gambles on mortgage-backed securities and other illiquid derivatives. If you lost money in the Oppenheimer Champion Income Fund or the Champion Core Bond Fund you should contact us immediately.
Cases and Settlements of Note
Securities Lawsuits & Settlements
- Client v. McGinn Smith & Co. The firm represented a retail customer of a registered broker-dealer in a fraud and self-dealing case. Following a three-day arbitration, a panel of three arbitrators found McGinn Smith guilty of self-dealing and awarded our client his full out of pocket losses.
- Client v. Morgan Keegan & Company, Inc. The firm represented a retail customer who purchased Morgan Keegan’s bond funds from third party broker-dealer. The Client alleged that Morgan Keegan misled investors and their brokers concerning the funds holdings. After intense litigation, the chair rejected Morgan Keegan’s argument that those who relied on the firm’s representations contained in the prospectus and other materials disseminated by the firm did not have standing to hold the firm liable in FINRA and awarded the Client her full loss.
- Client v. UBS Financial Services Inc. The firm represented a retail customer in the inappropriate purchase of a private placement that defaulted on its debt. The Client argued that the purchase of the private placement violated the Investment Advisor Act of 1940’s “Qualified Purchaser” provision that was designed to protect consumers from investing in speculative investments. The panel awarded the Client restitution with interest.
- Platovsky v. City of New York. The trial court’s order was affirmed in favor of our client, a litigation financial services company, finding that an arbitration clause in a litigation financing contract was effective against the contracting litigant despite collateral claims that the matter should remain in Supreme Court because the contracting litigant claimed that his trial attorney had been dismissed for cause.
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