Robbins Geller Rudman & Dowd LLP Announces Proposed Settlement in the Oppenheimer Cash Sweep Litigation

SAN DIEGO, June 26, 2026 /PRNewswire/ -- The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Oppenheimer Cash Sweep Litigation:

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

TO: ALL PERSONS AND ENTITIES WHO PARTICIPATED IN THE OPPENHEIMER & CO. INC.'S ADVANTAGE BANK DEPOSIT PROGRAM FROM MARCH 17, 2022 THROUGH MAY 22, 2026 ("CLASS").^[1]

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York, that Court-appointed Class Representative, Liberty Capital Group, on behalf of itself and all members of the Class, and Oppenheimer & Co. Inc. ("Oppenheimer" or "Defendant"), have reached a proposed settlement of the claims in the above-captioned class action (the "Action") in the amount of $70,000,000 (the "Settlement").

A hearing will be held before the Honorable Jed S. Rakoff on September 17, 2026, at 4:00 p.m., in Courtroom 14B of the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, NY 10007 (the "Settlement Hearing"), to determine whether the Court should: (i) approve the proposed Settlement as fair, reasonable, and adequate; (ii) dismiss the Action with prejudice as provided in the Stipulation; (iii) approve the proposed Plan of Allocation for distribution of the proceeds of the Settlement (the "Net Settlement Fund") to Class Members; and (iv) approve Class Counsel's Fee and Expense Application. The Court may change the date and time of the Settlement Hearing without providing another notice. Any updates regarding the Settlement Hearing, including any changes to the date or time of the hearing, will be posted to the Settlement website, www.OppenheimerCashSweepLitigation.com. You do NOT have to attend the Settlement Hearing to receive a distribution from the Net Settlement Fund.

IF YOU ARE A MEMBER OF THE CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE PROPOSED SETTLEMENT, AND YOU MAY BE ENTITLED TO A MONETARY PAYMENT. If you have not yet received a full Notice and Claim Form, you may obtain copies of these documents by visiting the website for the Settlement, www.OppenheimerCashSweepLitigation.com, or by contacting the Claims Administrator at:

Oppenheimer Cash Sweep Litigation
Claims Administrator
c/o Verita Global
P.O. Box 301170
Los Angeles, CA 90030-1170
www.OppenheimerCashSweepLitigation.com
1-888-808-7104

Inquiries, other than requests for information about the status of a claim, may also be made to Class Counsel:

Robbins Geller Rudman & Dowd LLP
Stephen R. Astley
225 NE Mizner Boulevard, Suite 720
Boca Raton, FL 33432
[email protected]
1-800-449-4900

If you are a member of the Class, to be eligible to share in the distribution of the Net Settlement Fund, you must submit a Claim Form postmarked or submitted online no later than September 17, 2026. If you are a member of the Class and do not timely submit a valid Claim Form, you will not be eligible to share in the distribution of the Net Settlement Fund, but you will nevertheless be bound by all judgments or orders entered by the Court relating to the Settlement, whether favorable or unfavorable.

If you are a member of the Class and wish to exclude yourself from the Class, you must submit a written request for exclusion in accordance with the instructions set forth in the Notice so that it is received no later than August 27, 2026. If you properly exclude yourself from the Class, you will not be bound by any judgments or orders entered by the Court relating to the Settlement, whether favorable or unfavorable, and you will not be eligible to share in the distribution of the Net Settlement Fund.

Any objections to the proposed Settlement, Class Counsel's Fee and Expense Application, and/or the proposed Plan of Allocation must be filed with the Court, either by mail or in person, and be mailed to counsel for the Parties in accordance with the instructions in the Notice, such that they are received no later than August 27, 2026.

PLEASE DO NOT CONTACT THE COURT, OPPENHEIMER, OR OPPENHEIMER'S COUNSEL REGARDING THIS NOTICE.

¹ The terms of the Settlement are in the Stipulation of Settlement, dated May 13, 2026 (the "Stipulation"), which can be viewed at www.OppenheimerCashSweepLitigation.com. All capitalized terms not defined in this Summary Notice have the same meanings as defined in the Stipulation.

SOURCE Robbins Geller Rudman & Dowd LLP