Lenders Lose Appeal Of $767M Oppenheimer Suit

Law360, Los Angeles (January 7, 2014, 9:48 PM EST) -- A New York appeals court on Tuesday found that a lower court judge properly tossed a suit against OppenheimerFunds Inc. by lenders who claim they lost $767 million in a complex mortgage-backed securities deal, agreeing with the judge that the lenders' breach of contract claims are premature. 

In a two-page decision and order, a five-judge appellate panel affirmed Judge Charles E. Ramos' April ruling granting Oppenheimer's motion for summary judgment on claims that it duped the plaintiffs into funding a special-purpose investment vehicle tied to the...
To view the full article, register now.