{"id":3646,"date":"2016-07-20T00:00:00","date_gmt":"2016-07-20T05:00:00","guid":{"rendered":"https:\/\/stockbrokerfraudblog.blawgcloud.com\/2016\/07\/ameriprise_financial_advises_c"},"modified":"2022-03-23T10:17:38","modified_gmt":"2022-03-23T15:17:38","slug":"ameriprise-financial-advises-c","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ameriprise-financial-advises-c\/","title":{"rendered":"Ameriprise Financial Advises Clients to Sell OppenheimerFunds Muni Bond Funds with Puerto Rico Debt"},"content":{"rendered":"

According to Bloomberg.com<\/em>, in the wake of Puerto Rico\u2019s default on July 1 of $911 million of bond payments it owes creditors\u2014including $779 million of general obligation bonds\u2014Ameriprise Financial Inc. (AMP) is recommending that clients sell their OppenheimerFunds (OPY)<\/a> municipal bond funds that are holding any of the island\u2019s debt. In a report this week, Ameriprise senior research analyst Jeffrey Lindell said that with the acceleration of Puerto Rico bond defaults\u2014as the island tries to lower its $70 billion debt via bondholder losses\u2014mutual funds holding these bonds could end up having to \u201ccut dividend rates.\u201d He also wrote that as Puerto Rico bonds respond to \u201cspeculation and news,\u201d the mutual funds\u2019 net asset value could turn \u201cvolatile.\u201d<\/p>\n

In its recent article, Bloomberg<\/em> provided data from Morningstar Inc., which reports that as of the end of March, Oppenheimer held $3.5 billion of Puerto Rico securities in 19 funds, which is more than anyone else. Now, Ameriprise wants clients to look at investment options that are not as risky as the funds holding Puerto Rico municipal bonds. The firm is suggesting that clients sell investments involving 16 Oppenheimer muni funds. Included in the recommendation to sell are a number of state specific municipal bond funds, including the:<\/p>\n

\u00b7 Oppenheimer Rochester Virginia Municipal (ORVAX)
\n\u00b7 Oppenheimer Rochester Pennsylvania Municipal (OVPAX)
\n\u00b7 Oppenheimer Rochester Maryland Municipal (ORMDX)
\n\u00b7 Oppenheimer Rochester North Carolina Municipal (OPNCX) and
\n\u00b7 Oppenheimer Rochester Arizona Municipal (ORAZX)<\/p>\n

Several days after the July 1 default, credit rating agency Standard & Poor\u2019s (SP) reduced the U.S. territory\u2019s credit rating to \u201cdefault\u201d status. The default was not the first time Puerto Rico was unable to cover debt payments that were due\u2014although it was the first default involving Puerto Rico\u2019s general obligation debt, which was supposed to have a constitutional guarantee.<\/p>\n

It was in May that NY City Council Speaker Melissa Mark-Viverito asked the SEC to investigate whether OppenheimerFunds played a part in causing Puerto Rico\u2019s financial crisis to worsen. Mark-Viverito believes that banks, hedge funds, and other investors who bought into Puerto Rico utility debt and general obligation bonds contributed to the territory\u2019s debt woes.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

According to Bloomberg.com, in the wake of Puerto Rico\u2019s default on July 1 of $911 million of bond payments it owes creditors\u2014including $779 million of general obligation bonds\u2014Ameriprise Financial Inc. (AMP) is recommending that clients sell their OppenheimerFunds (OPY) municipal bond funds that are holding any of the island\u2019s debt. In a report this week, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3791,3752,3922,4039],"tags":[],"class_list":["post-3646","post","type-post","status-publish","format-standard","hentry","category-ameriprise-securities-america","category-financial-firms","category-municipal-bonds","category-puerto-rico-bond-funds"],"yoast_head":"\nAmeriprise Financial Advises Clients to Sell OppenheimerFunds | Securities Fraud Attorney<\/title>\n<meta name=\"description\" content=\"In the wake of Puerto Rico\u2019s default, Ameriprise Financial Inc. 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