Oppenheimer Rochester Funds

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Oppenheimer Rochester Funds, Securities Settlement

The lawsuit was settled for $89.5 million in cash. The following is a summary of the proceedings in this lawsuit: ‘The Actions were brought as six class actions alleging that the Disclosure Documents misrepresented the risks of the Funds. In particular, the Lead Plaintiffs allege that five of the six Funds (the AMT-Free Fund, the AMT-Free New York Fund, the New Jersey Fund, the Pennsylvania Fund, and the Rochester Fund) explicitly articulated preservation of capital as their primary investment objective. Similarly, the Disclosure Documents for the sixth Fund, the National Fund, are alleged to have sought to reassure investors by stating its quest for high yields would be tempered by careful selection of a diversified portfolio which would be closely monitored on an ongoing basis for liquidity and risk. Lead Plaintiffs allege that the Disclosure Documents misrepresented: (1) the level of the Funds exposure to inverse floating rate securities (inverse floaters), and the risks and volatility associated with those investments; (2) the liquidity of the Funds investments; and (3) the improper valuation of Fund assets and liabilities and resulting net asset values (NAVs). Lead Plaintiffs allege that eventually the true risks presented by the assets held by the Funds were revealed, resulting in losses to Fund investors.’

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