Oppenheimer ARS Fraud Suit Dismissed

Law360, New York (September 30, 2010, 7:48 PM EDT) -- A federal judge has dismissed a putative class action suit that accused Oppenheimer Holdings Inc. of intentionally misleading investors who bought auction rate securities from the company in the years before the total collapse of the ARS market.

The plaintiffs' complaint created competing inferences as to the knowledge and motives of Oppenheimer executives and failed to plead fraud with adequate particularity, Judge Loretta Preska of the U.S. District Court for the Southern District of New York said in a Wednesday opinion.

The two named plaintiffs, who...
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