Oppenheimer Reaches $90M Deal In Municipal Bond Case

Law360, New York (August 29, 2013, 2:31 PM EDT) -- OppenheimerFunds Inc. has reached a $89.5 million settlement in six consolidated class actions over funds it allegedly invested in junk bonds and risky derivatives despite claiming to focus on investment-grade municipal bonds during the peak of the financial crisis, it said Thursday.

The settlement must still be approved by the board of trustees of each of the six funds and the court, Oppenheimer said. The details must also be sent to the plaintiffs.

“OppenheimerFunds has maintained throughout these lawsuits that the funds' investments were consistent with...
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