Oppenheimer Can't Shake MDL Over Risky Investments

Law360, New York (October 24, 2011, 7:39 PM EDT) -- A Colorado federal judge on Monday refused to toss multidistrict securities litigation alleging several OppenheimerFunds Inc. mutual funds misled investors by claiming to make secure investment choices while actually employing risky investment strategies.

U.S. District Judge John L. Kane denied the bulk of the motions to dismiss filed by defendants Oppenheimer and Massachusetts Mutual Life Insurance Co., tossing only the plaintiffs’ claims under the Investment Company Act because of a failure to find a private right of action in the law.

The plaintiffs had supplied enough...
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