The Shuman Law Firm Announces Proposed Settlements Totaling $89.5 Million in Class Action Lawsuits Involving Six Separate Oppenheimer Rochester Funds - WTOC-TV: Savannah, Beaufort, SC, News, Weather & Sports

The Shuman Law Firm Announces Proposed Settlements Totaling $89.5 Million in Class Action Lawsuits Involving Six Separate Oppenheimer Rochester Funds

Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact pressreleases@worldnow.com.

SOURCE The United States District Court, District Of Colorado

DENVER, May 13, 2014 /PRNewswire/ -- The following release was issued today by The Shuman Law Firm:

IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF COLORADO

Master Docket No. 09-md-02063-JLK-KMT

IN RE: OPPENHEIMER ROCHESTER FUNDS GROUP SECURITIES LITIGATION

This Document Relates To:

All Actions Except Those Involving: The Oppenheimer California Municipal Fund

 

SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENTS
OF CLASS ACTIONS AND SUMMARY NOTICE OF MOTION FOR AWARDS
OF ATTORNEYS' FEES AND REIMBURSEMENT OF EXPENSES

TO:

All Persons Who Purchased or Acquired Shares of One or More of the Following Oppenheimer or Rochester Mutual Funds (collectively, the "Funds"):





1.

Oppenheimer AMT-Free Municipals Fund (the "AMT-Free Fund") between May 13, 2006 and October 21, 2008, inclusive;  





2.

Oppenheimer AMT-Free New York Municipal Fund (the "AMT-Free New York Fund") between May 21, 2006 and October 21, 2008, inclusive;





3.

Oppenheimer Rochester National Municipal Fund (the "National Fund") between March 13, 2006 and October 21, 2008, inclusive;





4.

Oppenheimer New Jersey Municipal Fund (the "New Jersey Fund") between April 24, 2006 and October 21, 2008, inclusive;





5.

Oppenheimer Pennsylvania Municipal Fund (the "Pennsylvania Fund") between September 27, 2006 and November 26, 2008, inclusive; and





6.

Rochester Fund Municipals (the "Rochester Fund") between February 26, 2006 and October 21, 2008, inclusive.


You Could Receive a Payment from One or More of the Six Class Action Settlements Relating to These Funds (Collectively, the "Settlements").

 

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of Colorado, that a hearing will be held on July 31, 2014 at 10 a.m. before the Honorable John L. Kane at the Alfred A. Arraj United States Courthouse, 901 19th Street, Denver, Colorado, for the purpose of determining, among other things: (1) whether the proposed Settlements of the claims in the six separate actions involving the Oppenheimer Rochester Funds listed above (the "Actions") for the total sum of $89,500,000 in cash should be approved by the Court as fair, reasonable and adequate (see the table below for the settlement amounts for each Fund); (2) whether the Actions should be dismissed with prejudice pursuant to the terms and conditions of the Settlements; (3) whether the Distribution Plan for distributing the proceeds of the Settlements should be approved; and (4) whether the applications of Lead Counsel for the payment of attorneys' fees and reimbursement of expenses incurred in connection with the Actions, including awards to the representative class plaintiffs in the Actions, should be approved.

Your rights may be affected by the Settlements of these Actions if you purchased or acquired any of the following classes of shares from the Funds listed below during the applicable time periods:

Fund & Settlement Amount

Share Classes & Ticker
Symbols

Time Period

AMT-Free Fund
$17,109,000

A, B, or C shares (OPTAX,
OTFBX or OMFCX)

May 13, 2006 through
October 21, 2008, inclusive

AMT-Free New York Fund
$4,241,000

A, B, or C shares (OPNYX,
ONYBX or ONYCX)

May 21, 2006 through
October 21, 2008, inclusive

National Fund
$26,850,000

A, B, or C shares (ORNAX,
ORNBX, or ORNCX)

March 13, 2006 through
October 21, 2008, inclusive

New Jersey Fund
$3,374,000

A, B, or C shares (ONJAX,
ONJBX or ONJCX)

April 24, 2006 through
October 21, 2008, inclusive

Pennsylvania Fund
$4,341,000

A, B, or C shares (OPATX,
OPABX or OPACX)

September 27, 2006 through
November 26, 2008, inclusive

Rochester Fund
$33,585,000

A, B, C, or Y shares
(RMUNX, RMUBX,
RMUCX, or RMUYX)

February 26, 2006 through
October 21, 2008, inclusive

If you have not already received a copy of the Notice of Pendency and Proposed Settlements of Class Actions and Notice of Motion for Awards of Attorneys' Fees and Reimbursement of Expenses (the "Notice"), go to www.oppenheimersettlement.com or write to: Oppenheimer Rochester Funds Group Securities Litigation, Claims Administrator, P.O. Box 3518, Portland, OR 97208-3518.  The Notice contains additional important information.

To qualify for a payment, you must be an eligible Class Member.  NOTE:  Class Members who held shares in the Funds directly through Oppenheimer do not need to submit a Proof of Claim form ("Proof of Claim").  Class Members who invested in the Funds through a broker-dealer or other intermediary must submit a Proof of Claim, postmarked no later than August 28, 2014, to the address contained in the Proof of Claim.  If you are a member of one of the classes and do not submit a valid Proof of Claim, where required, then you may not receive a payment from the Settlements, but nevertheless, you will be bound by the final judgment(s) entered by the Court in connection with the Settlements, and claims that you might have will be dismissed or released, unless you take the steps necessary to exclude yourself from the Classes.

Any objection to the Settlements or the motion for the award of attorneys' fees and reimbursement of expenses, including awards to the representative class plaintiffs, must be postmarked no later than July 2, 2014 and mailed to the following persons:

1.

Clerk of the Court
Alfred A. Arraj United States Courthouse
Room A105
901 19th Street
Denver, Colorado 80294-3589

Defendants' Counsel:

3.

Matthew L. Larrabee
Dechert LLP
1095 Avenue of the Americas
New York, NY 10036

 

Plaintiffs' Liaison Counsel:

Defendants' Counsel:

2.

Kip B. Shuman

The Shuman Law Firm

885 Arapahoe Avenue

Boulder, CO 80302

4.

Arthur H. Aufses III
Kramer Levin Naftalis & Frankel LLP
1177 Avenue of the Americas
New York, NY 10036

If you do not want to be legally bound by the Settlements, you must exclude yourself by July 2, 2014, or you will not be able to sue, or continue to sue, Defendants about the legal claims in the Actions.  If you exclude yourself, you cannot get money from the Settlements.  The detailed Notice explains how to exclude yourself or to object.  Any request for exclusion from the Classes must be postmarked no later than July 2, 2014 and mailed to:

Oppenheimer Rochester Funds Group Securities Litigation
EXCLUSIONS
Claims Administrator
P.O. Box 3518
Portland, OR 97208-3518

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.  If you have any questions about the Settlements, you may contact Lead Counsel for Plaintiffs at the addresses listed in the Notice or the Claims Administrator at the toll free number (877) 273-9532 or via email at info@oppenheimersettlement.com or visit www.oppenheimersettlement.com for more information.











By Order of the Court United States District Court District of Colorado












©2012 PR Newswire. All Rights Reserved.

Powered by WorldNow