Lenders In $767M Oppenheimer Suit Say Damages Provable

Law360, New York (December 4, 2013, 6:20 PM EST) -- Lenders who say they lost $767 million in a complex OppenheimerFunds Inc.-backed securities deal should have their allegations revived because they already have provable damages, the lenders' attorney told a New York appeals court panel during a hearing Wednesday.

The lenders' attorney, Paul K. Stecker of Phillips Lytle LLP, argued that their experts had found that at least $12 million of the money they lent for the transaction is already gone for good because Oppenheimer has liquidated or charged off some of the loans in the...
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