Robbins Geller Rudman & Dowd LLP Announces Oppenheimer Settlement Plans

Proposed Settlement in Oppenheimer Cash Sweep Litigation

San Diego, June 26, 2026 — Robbins Geller Rudman & Dowd LLP has announced a significant legal development regarding the Oppenheimer Cash Sweep Litigation. This class action lawsuit involves the financial entity Oppenheimer Holdings Inc. and pertains to its Advantage Bank Deposit Program, which ran from March 17, 2022, to May 22, 2026.

The lead plaintiff, Liberty Capital Group, representing all affected participants, has reached a proposed settlement valued at $70 million. This settlement aims to address the claims asserted by the class members, which could have implications for many individuals who participated in the program.

The legal action has been filed in the United States District Court for the Southern District of New York, under the jurisdiction of Honorable Judge Jed S. Rakoff. A Settlement Hearing is scheduled for September 17, 2026, at 4:00 PM, where the Judge will evaluate whether to approve the settlement as fair and reasonable. During this hearing, the court will also consider the proposed allocation plan for distributing the net settlement fund to class members and a fee application submitted by Class Counsel.

Participants from the Advantage Bank Deposit Program, as part of the defined class, are encouraged to understand their rights regarding the impending settlement. Notifications have been dispatched, and any claims must be formally submitted online or postmarked before the date of the Settlement Hearing to ensure eligibility for a monetary payment.

It's important to note that even if you do not attend the Settlement Hearing, you still maintain the potential to receive a distribution from the settlement fund, provided you have submitted the necessary Claim Form before the deadline.

Should any class member wish to exclude themselves from this class, adherence to strict instructions outlined in the Notice is required for a timely and proper exclusion, which must be received by August 27, 2026. Excluded individuals will not be bound by any court outcomes related to this matter nor be eligible to receive any settlement fund distributions.

If any members among the class hold objections regarding the settlement or any proposed fees, they are advised to file their objections with the court no later than August 27, 2026. Interested parties have been directed to seek further information through the designated settlement website, www.OppenheimerCashSweepLitigation.com.

This development highlights the crucial intersection between consumer rights and corporate accountability, marking a significant step towards resolution for individuals impacted by Oppenheimer's business practices during the class-defined period. The Robbins Geller team continues to encourage all potential class members to verify their eligibility and submit their claims ahead of the cut-off date.

Conclusion
The forthcoming Settlement Hearing represents a pivotal event for those involved and reflects the law firm's commitment to securing fair treatment for clients within the financial services landscape. Updates on the settlement process will be regularly posted on the established website as they become available. The landmark amount proposed in this settlement underscores the importance of corporate responsibility and the need for transparency in financial dealings.