OppenheimerFunds Announces Resolution of SEC Inquiry

NEW YORK, June 6, 2012 /PRNewswire/ -- OppenheimerFunds, Inc. (OFI) and OppenheimerFunds Distributor, Inc. (OFDI) today announced the settlement of an administrative proceeding with the U.S. Securities and Exchange Commission (SEC) to resolve the agency's investigation into the 2008 performance of the Oppenheimer Champion Income Fund and Oppenheimer Core Bond Fund.

In reaching these settlements, OFI and OFDI have neither admitted nor denied the SEC's allegations.

As the SEC noted in its administrative order, OFI and OFDI fully cooperated with the SEC from the outset of its investigation. OFI and OFDI voluntarily implemented a variety of remedial measures in the wake of the 2008 financial crisis, including replacing the portfolio management team responsible for Champion Income Fund and Core Bond Fund.

"We are pleased to have reached a settlement that we believe is in the best interests of the company and those investors that experienced losses during the period of unprecedented volatility and uncertainty that defined the global financial crisis," said Bill Glavin, Chairman, President and Chief Executive Officer of OppenheimerFunds. "As a firm we continue to further enhance our fund disclosure, risk management and compliance controls and procedures to ensure those functions are best in class. We attach the utmost importance to our regulatory obligations and our fiduciary duties to our advisory clients, and we will continue working every day to create value for our investors while helping them to effectively manage risk."

Under the terms of the settlement, OFI has agreed to pay approximately $35 million to the SEC, which the SEC will use to establish a fund for investors in the funds. 

About OppenheimerFunds, Inc.

OppenheimerFunds, Inc. is one of the nation's largest and most respected investment management companies.  As of March 31, 2012, OppenheimerFunds, Inc., including subsidiaries, managed more than $183 billion in assets, including mutual funds having more than 11 million shareholder accounts, including sub-accounts. Known for its tagline The Right Way to Invest, OppenheimerFunds, Inc. has been helping investors reach their financial goals since 1960.  The Company and its divisions and subsidiaries offer a broad range of products and services to individuals, corporations and institutions, including mutual funds, separately managed accounts,  qualified retirement plans and sub-advisory investment management services.  

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund's investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds. You may download and view a prospectus now, or to obtain one, ask your financial advisor or call OppenheimerFunds Distributor, Inc. at 1.800.CALL OPP (225.5677). Read prospectuses and summary prospectuses carefully before investing.

Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc.
Two World Financial Center, 225 Liberty Street, New York, NY 10281-1008

© 2012 OppenheimerFunds Distributor, Inc.

SOURCE OppenheimerFunds, Inc.