{"id":5182,"date":"2011-08-06T00:00:00","date_gmt":"2011-08-06T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2011\/08\/investors_in_oppenheimer_mutua"},"modified":"2022-05-17T14:10:26","modified_gmt":"2022-05-17T19:10:26","slug":"investors-in-oppenheimer-mutua","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/investors-in-oppenheimer-mutua\/","title":{"rendered":"Investors in Oppenheimer Mutual Funds Considering Opting Out of $100M Class Action Settlement Have Until August 31"},"content":{"rendered":"

Recently, our stockbroker fraud law firm<\/a> reported on the $100 million class action settlement that Massachusetts Mutual Life Insurance Co.\u2019s OppenheimerFunds Inc. has agreed to pay to settle allegations that it did not properly manage its Oppenheimer Core Bond Fund (OPIGX) and Oppenheimer Champion Fund (OCHBX, OPCHX and OCHCX). The securities case was brought by investors who claimed that the offering documents and sales pitches misrepresented the risks involved in credit default swaps (CDS)<\/a>, mortgage-backed securities (MBS)<\/a>, and other complex securitized financial instruments. Instead, they contend that the funds were marketed and sold as high yielding, diversified, and conservative investments.<\/p>\n

The Champion Fund would go on to lose about 80% of its value in 2008. (55% was lost just in November of that year.) The Core Bond Fund lost 33%. (Compare that to the rest of its peer group, which lost 5%.) As a result, Champion Fund investors sustained extremely significant financial losses and Core Bond investors also suffered.<\/p>\n

The class action settlement distributes the $100 million between the two groups of mutual fund investors. While Core Bond investors will get $47.5 million, Champion investors are slated to receive $52.5 million. The Boards of Trustees for the funds have already given their approval. However, even in settling, OppenheimerFunds is not admitting to any wrongdoing. Its spokesperson has said that the proposed settlement is in the best interests of its Funds\u2019 shareholders.<\/p>\n

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

Recently, our stockbroker fraud law firm reported on the $100 million class action settlement that Massachusetts Mutual Life Insurance Co.\u2019s OppenheimerFunds Inc. has agreed to pay to settle allegations that it did not properly manage its Oppenheimer Core Bond Fund (OPIGX) and Oppenheimer Champion Fund (OCHBX, OPCHX and OCHCX). The securities case was brought by […]<\/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":[3804,3743,3757],"tags":[],"class_list":["post-5182","post","type-post","status-publish","format-standard","hentry","category-class-action-lawsuits","category-credit-default-swaps","category-mortgagebacked-securities"],"yoast_head":"\nInvestors in Oppenheimer Mutual Funds Considering Opting Out of $100M Class Action Settlement Have Until August 31 — Investor Lawyers Blog — August 6, 2011<\/title>\n<meta name=\"description\" content=\"Recently, our stockbroker fraud law firm reported on the $100 million class action settlement that Massachusetts Mutual Life Insurance Co.\u2019s — August 6, 2011\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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