On June 6, 2012, the Securities and Exchange Commission (“Commission”) entered into a settlement agreement with OppenheimerFunds, Inc. and OppenheimerFunds Distributor, Inc. (collectively, “Respondents”) and issued an Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, Section 15(b)(4) of the Securities Exchange Act of 1934, Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, and Sections 9(b) and 9(f) of the Investment Company Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order (“Order”). Securities Act Rel. No. 9329 (June 6, 2012). The Order found that Respondents violated federal securities law by providing a misleading prospectus and making misleading statements in the midst of the Oppenheimer Champion Income Fund’s (“Champion”) and Oppenheimer Core Bond Fund’s (collectively, the “Funds”) steep declines in value.
On February 5, 2014, the Distribution Plan was approved by the Commission. Pursuant to the Distribution Plan, investors who held Eligible Champion Securities or Eligible Core Securities during the Recovery Period and suffered a loss, as provided in the Distribution Plan, may be entitled to receive a distribution from the Distribution Fund. The Distribution Fund will first be used to compensate injured investors for their share of the advisory fees that the Funds paid to the Respondents. If any money remains in the Distribution Fund, investors will then be compensated on a pro rata basis for any additional decline in value, adjusted to account for market-related declines that took place during the relevant period in the Order, caused by Respondents’ misconduct.
You or someone in your family may have held Eligible Champion Securities or Eligible Core Securities during the Recovery Period. If you fit this criteria and suffered a loss according to the Distribution Plan, you may be eligible for a payment from the Distribution Fund. The Notice explains the steps you must take to file a Proof of Claim Form in order to participate.
If you did not receive a letter (also known as the Notice of Eligibility) informing you that you do not need to file a claim, and if you held Eligible Champion Securities or Eligible Core Securities during the Recovery Period, you may establish your potential eligibility to share in the Distribution Fund by submitting a valid Proof of Claim Form and supporting documentation postmarked no later than July 20, 2014 to:
Oppenheimer Fair Fund
PO Box 3770
Portland, OR 97208-3770
Yes. If you received such a letter (also known as the Notice of Eligibility), the claim we have on file for you from the Class Actions has been automatically entered as a claim in this matter, and you do not need to do anything unless you wish to make changes to your claim.
No. If you filed a claim in the Class Actions and received a Notice of Eligibility, that claim has been automatically entered as a claim in this matter, and you do not need to do anything unless you wish to make changes to your claim.
You can modify your claim by submitting a Proof of Claim Form and supporting documentation to the Fund Administrator no later than July 20, 2014.
Not necessarily. Please note that the Recognized Fees Award and Eligible Loss Amount listed on the letter you received is not your final award amount. The Recognized Fees Award reflects the amount of each Eligible Claimant’s share of the advisory fees paid by each fund during the Recovery Period. The Eligible Loss Amount is the trading loss on investment each Eligible Claimant suffered, after benchmark indexing, caused by Respondents’ misconduct. All payments are subject to the minimum payment threshold of $20.00. To the extent possible, each Eligible Claimant will receive their Recognized Fees Award, if above the minimum amount. If any funds remain, they will be distributed pro rata based on each Eligible Claimant’s Eligible Loss Amount.
The following table identifies the CUSIPs and Tickers of the eligible securities.
The Recovery Period for Eligible Champion Securities is January 28, 2008 through and including December 31, 2008. The Recovery Period for Eligible Core Securities is November 14, 2008 through and including December 31, 2008.
As a long-established firm, our electronic systems, software applications, employee and operational protocols are all designed to afford utmost protection and security for the case information provided to us. Further, we are obligated to fulfill the security requirements mandated by the various Court Jurisdictions and Governmental Entities that oversee the various types of cases we administer.
You are eligible if you held Eligible Champion Securities or Eligible Core Securities during the Recovery Period and suffered a loss according to the Distribution Plan. A summary of the Distribution Plan can also be found in the Distribution Plan Notice.
You are excluded from participation in the Fair Fund if you are:
Depending on how you acquired the Eligible Champion Securities or Eligible Core Securities, you will need to contact your broker or your financial advisor to retain the necessary documentation to file a claim form. Essentially, contact the person/party from whom you obtained the eligible securities. Acceptable supporting documentation must be included with your completed Proof of Claim Form, or your claim may be rejected.
Acceptable documentation must include the name of the owner or owners of the account for which you are filing a claim, the name of the broker through whom the security was traded, trade date, number of shares purchased, acquired and/or sold, and price paid (excluding brokers’ commissions, taxes and fees).
Acceptable documentation includes contract notes, brokers’ confirmation slips, account activity pages from brokers’ computer printouts (including the front page), or account activity pages from brokers’ monthly statements (including the front page), if those statements contain the required information. Letters from your broker are acceptable only if they are on the brokers’ letterhead and contain the required information listed above. Your own records or certificates DO NOT constitute acceptable documentation. We cannot pre-approve any documentation as acceptable without seeing it first.
You may contact the Fund Administrator by calling 888-286-0552 or by sending an email to email@example.com for more information.