Banks Can't Collect Billions From Oppenheimer: Judge

Law360, New York (January 11, 2012, 3:24 PM EST) -- A New York state judge on Wednesday sharply limited the damages available to several European banks that say OppenheimerFunds Inc. and several affiliates should return the $2.5 billion they borrowed to invest in mortgage-backed securities and other investments.

Judge Charles E. Ramos ruled during a hearing in his downtown Manhattan courtroom that the plaintiffs couldn't recover their entire investment because their complaints seek contractual damages based on OppenheimerFunds' alleged "technical" violations of the parties' investment agreements rather than rescission of their investment or allegations of fraud...
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