Judge Unites Oppenheimer Suits Over $2.5B In Loans

Law360, New York (November 29, 2011, 4:41 PM EST) -- A New York state judge consolidated two cases Tuesday seeking the return of more than $2.5 billion that OppenheimerFunds Inc. and several affiliates borrowed to invest in mortgage-backed securities and other investments because they didn't meet certain preconditions for loans.

The plaintiffs in the two cases — including Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, Rabobank Nederland New York Branch, Credit Agricole Corporate and Investment Bank, Royal Park Investments SA/NV and others — claim that they loaned more than $2.5 billion to Oppenheimer's affiliates, which Oppenheimer allegedly created to...
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