HBSS Appointed Co-Lead Counsel in Tremont Case
SEATTLE - A United States District Court judge appointed Seattle-based Hagens Berman Sobol Shapiro LLP ("Hagens Berman") co-lead counsel in a case against Tremont Group and several Rye Fund entities, including Oppenheimer Acquisition Corporation and its parent company Massachusetts Mutual Life (http://www.hbsslawsecurities.com/tremont). The lawsuit alleges investors lost a total of $3.3 billion in assets and $3.1 billion from the Rye Funds after Tremont handed over virtually all capital to Bernard Madoff for management.
In the court order, Judge Griesa consolidates 12 cases dividing the cases into three groups: cases with primary claims made under federal securities laws; cases with claims based primarily on state law, charging improper investments by partnerships or hedge funds; and cases with claims based primarily on state law, charging improper investments by insurance companies.
The court appointed Hagens Berman as co-lead counsel for cases citing claims based primarily on state law, charging improper investments by partnerships or hedge funds. Hagens Berman originally filed its lawsuit against Tremont in December 2008.
OppenheimerFunds, Inc. (http://www.hbsslawsecurities.com/ocif), an affiliate of Tremont and subsidiary of Oppenheimer Acquisition Corporation, is the focus of another lawsuit by Hagens Berman regarding the group's Champion Income Fund. Affected shares in the lawsuit against OppenheimerFunds, Inc. include: A Shares (NASDAQ:OPCHX), B Shares (NASDAQ:OCHBX), C Shares (NASDAQ:OCHCX), N Shares (NASDAQ:OCHNX) and Y Shares (NASDAQ:OCHYX).
The suit also covers those who originally purchased shares in the High Yield Fund (NASDAQ: OPPHX) which merged into the Champion Income Fund in 2006.
The lawsuit against OppenheimerFunds claims the company improperly changed the investment strategy of the Champion Income Fund and misled investors about the risks and investments of the Fund, which resulted in more than an 80 percent drop in value, losing almost $2 billion over the course of 15 months.
On April 2, 2009, Hagens Berman filed a motion with the Panel for Multidistrict Litigation to transfer and consolidate all similar actions before the District of Colorado. The suits are currently filed in several courts, including U.S. district courts in New York and Colorado.
The deadline to move to serve as lead plaintiff in the Oppenheimer Champion Income Fund case is April 14, 2009.
If you have questions about either suit, or wish to consider joining this Champion Income Fund action as lead plaintiff, discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Reed Kathrein of Hagens Berman at 510/725-3000 or via e-mail oppenheimer@hbsslaw.com.
Hagens Berman Sobol Shapiro, a law firm with offices in Seattle, San Francisco, Los Angeles, Boston, Chicago, Phoenix and New York, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Hagens Berman Web site (http://www.hbsslawsecurities.com) has more information about the firm.
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