Personal Injury Law

Napoli Bern Ripka Begins Investigating Oppenheimer Funds

By Adam Gana

Napoli Bern & Ripka LLP, is investigating the following Oppenheimer funds OPCHX, OCHBX OCHCX, OCHNX, OCHYX for potential fraud and malfeasance. According to recent Morningstar reports these funds are the worst in their class and some have lost as much as 83% of their value over the last 3 quartes. These funds were marketed as conservative high-income funds, but in fact were over leveraged in illiquid mortgage backed securities . "A variety of investors lost their entire life savings," said Adam Gana, lead counsel in the Oppenheimer investigation. "We have client's who have lost everything it is a real shame." Napoli Bern Ripka LLP is arguing that Oppenheimer sold these safe and diversified with the ability to earn a high yield. However, the Oppenheimer Champion Income A "OPCHX" had at least 15% of its investments in Collateralized Mortgage Obligations, or CMO's, a risky and unsuitable investment vehicle for most safe and conservative investors. "Oppenheimer should have disclosed the risks to their clients, but instead they purposely mislead their investors." said Mr. Gana. Napoli Bern Ripka LLP has been fighting on behalf of investors for over 10 years. The firm has billions of dollars of verdicts. The firm is bringing actions on behalf of individual holders or purchasers of the Oppenheimer funds listed above. Investors can contact Adam Gana at (212) 267-3700 ext. 115 or via e-mail at agana@nbrlawfirm.com

Full post as published by New York City Personal Injury Lawyer on March 17, 2009 (boomark / email).