      
   4.9146 reviews

Court Approves OppenheimerFunds Settlement

Request a Case Review

Kantrowitz, Goldhamer, Graifman, Perlmutter & Carballo, P.C.

10b9db026d89119e951a851045ac17eee7784f79

Written/Reviewed By:

Barry S. Kantrowitz, Esq.

Last Updated: Apr 10, 2026

Read Time: 2 mins

The attorneys at Kantrowitz, Goldhamer, Graifman, Perlmutter & Carballo, P.C. are happy to announce that the U.S. District Court for the District of Colorado has approved a settlement in a class action lawsuit involving OppenheimerFunds, Inc.

Our firm was a counsel of record on the case and helped direct the settlement. The class action lawsuit involved six cases consolidated and settled together, which included defendants Rochester National Municipal Fund, Rochester Fund Municipals, Oppenheimer NJ Municipal Fund, Oppenheimer AMT-Free NY Municipal Fund, Oppenheimer PA Municipal Fund and Oppenheimer AMT-Free Municipal Fund.

The class action lawsuit was filed on behalf of all persons who purchased Class A and/or Class B and/or Class C shares pursuant to various Registration Statements and Prospectuses issued by the Fund beginning with the registration statement and prospectus issued on or about September 27, 2006 through October 21, 2008.

The plaintiffs alleged that trustees and officers with Oppenheimer Funds, Inc. and Oppenheimer Funds Distributor, Inc. violated sections of the Securities Act of 1933, which prohibits false and misleading statements in registration statements and their use to sell shares.

The plaintiffs alleged that contrary to its representations, Oppenheimer Funds, Inc. invested 25 percent of holdings in illiquid tobacco bonds. According to the funds’ statement and prospectuses, it was to invest no more than 15 percent of its assets in illiquid securities. This failure of disclosure caused a substantial loss to many investors.

The plaintiffs and defendants reached a settlement, and the court found that the settlement and stipulations were fair, reasonable, adequate and in the best interests of the class.

How Can I File a Securities Class Action Lawsuit?

Securities class action lawsuits like this occur when an investor has purchased a stock or other security and its value goes down, because the company or its management have given an erroneously positive picture of the company’s finances, business prospects, expected business or financial results.

If you wish to discuss a potential class action case or have any questions concerning this particular settlement, please contact Gary S. Graifman, Esq. toll free at (866) 971-0927.

Kantrowitz, Goldhamer, Graifman, Perlmutter & Carballo, P.C. – Class Action Lawyers

Why Trust Us?

150+ Reviews

50+ Years of Service

Full-Service Law Firm

Client Reviews

    
 
 
      Posted on Google  
   LWelsh 
 16 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Clever and efficient.
  
 
     Posted on Google  
   Kenny Perlow 
 37 days ago
 
 
 Trustindex verifies that the original source of the review is Google. KGG Law, and Barry Kantrowitz in particular, set the bar high for what a thorough, practical, strategic, compassionate and smart lawyer can be. Everything about Barry's advice and representation was exemplary and the stress mitigation that resulted was invaluable. On top of that, the ultimate result Barry achieved was beyond what was reasonable to expect and we are forever grateful. Often, people say that you hire a lawyer to prevent a problem. Sometimes, unfortunately, you need an attorney to solve a problem and I could not recommend Barry and his firm any more highly in that regard.
  
 
     Posted on Google  
   Aliza Ali 
 101 days ago
 
 
 Trustindex verifies that the original source of the review is Google. My dad had a great experience with this law firm. From the very beginning, the team was professional, knowledgeable, and always willing to answer our questions. They kept us informed throughout the entire process and made what could have been a very stressful situation much easier to handle. We truly appreciated their dedication, honesty, and hard work. Thanks to their support, my dad felt confident every step of the way. We are very grateful for everything they did and would highly recommend this firm to anyone looking for reliable legal representation.
  
 
     Posted on Google  
   Jana Montero 
 104 days ago
 
 
 Trustindex verifies that the original source of the review is Google. I had a wonderful experience working with Sam Smith. He was very responsive, thorough, and easy to work with from start to finish. He walked me through everything clearly and made what started as a very stressful situation for me into something completely manageable. I would not hesitate to recommend him and the firm!
  
 
     Posted on Google  
   Mike Sakmann 
 110 days ago
 
 
 Trustindex verifies that the original source of the review is Google. I sought legal advice regarding an employment matter and had an excellent experience working with Sam Smith, Esq. at KGG Law. Sam was thorough, attentive, and took the time to listen carefully to my concerns before providing clear, thoughtful guidance. I appreciated the professionalism and care shown throughout the process, and I would confidently recommend KGG Law to anyone in need of legal assistance.
  
 
     Posted on Google  
   Liz Hecker 
 116 days ago
 
 
 Trustindex verifies that the original source of the review is Google. I can't say enough about this firm. They manage to comfort you during the whole legal process while staying professional and doing what is right. I would recommend them to anyone and also hire them again if I need legal help.
  
 
     Posted on Google  
   Brandy Miller 
 139 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Kate is the best. She helped me very quickly, and was very attentive with all of my needs. So thankful for her
  
 
     Posted on Google  
   Mike Greenspan 
 152 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Kate Carballo is a dedicated, passionate, and creative attorney whom I had the pleasure to lecture with at a state trial lawyer's conference. Kate's lecture demonstrated how she uses her innovative and "out-of-the-box thinking" to achieve outstanding results for her injured clients. That Kate is certified by the Supreme Court of New Jersey as a civil trial attorney is a testament to her skills, experience and commitment to excellence.
  
 
     Posted on Google  
   Jonathan Sampson 
 159 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Was referred to KGG law by a friend and could not have asked for better legal representation. They walked me through every step of the process after my accident and began every call with “ how are you feeling” which was just one example of how much they care about their clients. They handled my case very efficiently, professionally and courteously. My attorney Kate Carballo was a rock star! So clearly experienced, she consistently made me feel at ease with the process. Highly recommend
  
 
     Posted on Google  
   Vinnie Kung 
 162 days ago
 
 
 Trustindex verifies that the original source of the review is Google. We had a great experience with the team at KGG Law. While it was a traumatic time for our family, they made it very easy for us and explained all of our options. They even performed due diligence to make sure that after our settlement, there would be no further issues which I think is even more important than the settlement itself. Thank you!

see all reviews

Court Approves OppenheimerFunds Settlement

How Can I File a Securities Class Action Lawsuit?

Why Trust Us?

Rockland County, New York

Bergen County, New Jersey