Eccleston Law Reminds Oppenheimer Champion Income Fund and Core Bond Fund Investors of Recovery Options and August 31, 2011 Opt Out Deadline

Investors in the Oppenheimer Champion Income Fund (OCHCX, OCHBX, OPCHX) and the Oppenheimer Core Bond Fund (OPIGX, OPBCX, OIGBX) who are currently class members of the pending class action lawsuit should be aware of the August 31, 2011 deadline to opt out of this lawsuit and pursue their individual claims through securities arbitration. 

Investors still have time to request exclusion from the pending class action and seek recovery on an individual basis.  Investors requesting exclusion from the class must have their notice of exclusion postmarked no later than August 31, 2011.  Requests for exclusion can be sent to the following address:

Oppenheimer Champion Income Securities Litigation
Exclusions
c/o Claims Administrator
P.O. Box 2838
Portland, OR 97208-2838

The class action, and many of the securities arbitration claims involving the funds relate to certain false and misleading statements and omissions in the funds disclosure documents regarding the investment profile and objectives of the Champion Income Fund. Oppenheimer allegedly marketed and sold the Champion Income Fund as a “diversified portfolio” of high-yield, lower-grade, fixed-income securities that “[did] not involve undue risk.” Contrary to these representations, the Champion Income Fund was not “diversified” and did in fact “involve undue risk” because it was overly concentrated in highly leveraged, illiquid, off-balance sheet derivatives such as credit default swaps, total return swaps and mortgage-backed securities, making the Champion Income Fund much riskier than represented. 

In many cases, investors suffered substantial losses investing in the Champion Income Fund and the Core Bond Fund.  By opting out of the class action, investors may be able to recover some of these losses through securities arbitration.

If you have suffered losses investing in the Oppenheimer Champion Income Fund or Oppenheimer Core Bond Fund and would like to pursue your individual claims through securities arbitration, please call Eccleston Law Offices at (312) 332-0000 to discuss your recovery options.

Eccleston Law represents individual and institutional investors nationwide to recover their investment losses caused by unsuitable investment recommendations, breach of fiduciary duty, negligence or other misconduct. We have extensive experience representing investors in arbitration and litigation disputes with securities broker-dealers and investment advisory firms, and have recovered tens of millions of dollars for investors.