Oppenheimer Champion Income Fund | Company Ticker: OPCHX
Date Filed: February 24, 2009
Court: U.S. District Court
Location: Colorado
Hagens Berman Sobol Shapiro filed a class-action lawsuit against Oppenheimer Funds, claiming it misled investors about the risks and investments of its Oppenheimer Champion Income Fund. As a result, the fund lost more than 80 percent of its value, dropping almost $2 billion over the course of 15 months.
The lawsuit represents two classes of shareholders, one under state law claiming breach of contract and secondly all fund purchasers who held or purchased shares between Nov. 1, 2006 and Dec. 31, 2008.
The suit alleges defendants marketed and sold the fund as a conservative high-income fund when in fact it invested in mortgage-backed securities and illiquid derivatives, which led to the fund's collapse.
If you purchased or held shares in the Champion Income Fund, you are eligible to join this suit. You can also reach attorneys at oppenheimer@hbsslaw.com or (510) 725-3000.
The funds affected in this suit include: A Shares (OPCHX), B Shares (OCHBX), C Shares (OCHCX), N Shares (OCHNX) and Y Shares (OCHYX).
Press Releases & Media
02/24/2009
Class Action Filed Over Oppenheimer Champion Income Fund
February 24, 2009
Filed Complaint
