Judge Jed S. Rakoff is scheduled to hold a fairness hearing on September 17, 2026, at 4:00 p.m. in the Daniel Patrick Moynihan United States Courthouse. The court will evaluate whether the $70 million settlement is adequate, approve the distribution plan for the net proceeds, and address requests for attorney fees and expenses. While class members are not required to attend the hearing to receive a payment, they must file a valid claim form by September 17, 2026, to qualify for a distribution.
Oppenheimer Reaches $70 Million Settlement in Cash Sweep Class Action
Participants in the Oppenheimer & Co. Inc. Advantage Bank Deposit Program between March 17, 2022, and May 22, 2026, are eligible for a share of a $70 million settlement. The agreement resolves a class action lawsuit filed in the Southern District of New York regarding the firm's cash sweep practices.
Those who prefer to opt out of the settlement must submit a written request for exclusion by August 27, 2026. Individuals who choose to exclude themselves will not be bound by court orders related to the resolution, but they will also forfeit their eligibility for any monetary recovery. Objections to the settlement or the proposed fee structure must also be filed with the court by the August 27 deadline. Further instructions, including full claim forms and details on the litigation, are available at www.OppenheimerCashSweepLitigation.com.
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