Oppenheimer Escapes $767M Suit Over MBS Funding

Law360, New York (April 11, 2013, 1:18 PM EDT) -- A New York state judge on Wednesday threw out a $767 million lawsuit alleging OppenheimerFunds Inc. duped lenders into funding a special-purpose vehicle tied to the imploding housing market in 2007, ruling the vehicle was still performing as expected and hadn't caused damages.

Judge Charles E. Ramos said the lenders — TSL (USA) Inc., Bryant Park Funding LLC and Liberty Street Funding LLC — could not prove they suffered any damages as a result of Oppenheimer’s supposed breaches in a funding agreement.

“Clearly, if the portfolio...
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