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The
class action opt out date for the Campion Income and Core Bond Funds
is August 31, 2011. If investors who sustained losses in the Oppenheimer
Champion Income Fund and Oppenheimer Core Bond Fund do not affirmatively
opt out of the class action lawsuit, they will not be able to pursue
FINRA arbitration claims or lawsuits against Oppenheimer or the brokerage
firms who recommended the Fund.
If a Champion Income or
Core Bond Fund victim is a member of the Class and wants to retain
the right to sue or to continue to sue Oppenheimer and other related
parties like brokerage firms, then they must take steps to get out
of the Class. This is called excluding yourself and is sometimes referred
to as 'opting out' of the Class. In order to properly
exclude
yourself, the investors must send in a written exclusion to class
counsel and this must be postmarked no later than August 31, 2011. More
information on how to properly opt out can be found at www.OppenheimerChampionSettlement.com.
If investors in the Funds do nothing, they remain a member of the Class. If certain conditions are met and the settlement becomes effective, the Claims Administrator will send the class members a check for the settlement amount. It appears as though the amount will be approximately three cents on the dollar for the Champion Fund and twelve cents on the dollar for the Core Bond Fund. Unfortunately, the investor will not be able to bring a lawsuit or action of any kind, including arbitration or even continue with a lawsuit of any kind if they fail to opt out.
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