The Securities and Exchange Commission Announces a Distribution Fund for Investors who Held Shares of Oppenheimer Champion Securities and/or Oppenheimer Core Securities

WASHINGTON, March 25, 2014 /PRNewswire/ --

UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION

Administrative Proceeding File No. 3-14909

In the Matter of OppenheimerFunds, Inc. and OppenheimerFunds Distributor, Inc.

SUMMARY NOTICE TO OPPENHEIMER CHAMPION INCOME FUND AND
OPPENHEIMER CORE BOND FUND INVESTORS

If you held shares of Oppenheimer Champion Class A, Class B, Class C, Class N, or Class Y Shares ("Eligible Champion Securities") or shares of Oppenheimer Core Class A, Class B, Class C, Class N, or Class Y Shares ("Eligible Core Securities") at any time during the Recovery Period (January 28, 2008 through and including December 31, 2008 for Eligible Champion Securities and November 14, 2008 through and including December 31, 2008 for Eligible Core Securities), and suffered a loss according to the Distribution Plan you may be eligible for a payment from the Distribution Fund.

PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.  IF YOU SATISFY THE ELIGIBILITY CRITERIA, YOU MAY BE ENTITLED TO A RECOVERY FROM THE DISTRIBUTION FUND.  THIS NOTICE CONTAINS IMPORTANT INFORMATION REGARDING YOUR ELIGIBILITY.

Background

On June 6, 2012, the Commission entered into a settlement agreement with OppenheimerFunds, Inc. and OppenheimerFunds Distributor, Inc. (collectively, "Respondents") and issued an Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, Section 15(b)(4) of the Securities Exchange Act of 1934, Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, and Sections 9(b) and 9(f) of the Investment Company Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order ("Order").  Pursuant to the Order, OppenheimerFunds, Inc. paid disgorgement, pre-judgment interest and a civil monetary penalty totaling approximately $35,366,000 to the Commission.  On February 5, 2014, the Distribution Plan was approved by the Commission.  Pursuant to the Distribution Plan, investors who held Eligible Champion Securities or Eligible Core Securities during the Recovery Period and suffered a loss, as provided in the Distribution Plan, may be entitled to receive a distribution from the Distribution Fund.

Who is Eligible?

If you held Eligible Champion Securities or Eligible Core Securities during the Recovery Period and suffered a loss according to the Distribution Plan you may be eligible for a payment from the Distribution Fund.  If you had a valid claim in either of the related Class Actions, In re: Oppenheimer Champion Fund Securities Fraud Class Actions (Civil Action No. 09-cv-386-JLK-KMT consolidated with 09-cv-525-JLK-KMT) and/or In re: Core Bond Fund (Civil Action No. 09-cv-1186-JLK-KMT), and your claim has a calculated Recognized Fees Award and summed Eligible Loss Amount greater than $0.00 under the Distribution Plan, you do not need to file a Proof of Claim Form unless you wish to modify your claim. Otherwise, you must submit a completed Proof of Claim Form with the necessary documentation postmarked no later than July 20, 2014 to be eligible to participate in the Distribution Fund.    

Obtaining a Distribution Plan Notice and Proof of Claim Form

If you believe you may be eligible and have not received a Notice of Eligibility informing you that you do not need to file a claim, you must submit a complete Proof of Claim Form to the Fund Administrator postmarked no later than July 20, 2014 to be eligible to participate.  Proof of Claim Forms will be mailed to potentially eligible claimants identified by the Fund Administrator. In addition, you may download and print the Proof of Claim Form from the Oppenheimer Fair Fund website at www.oppenheimerfairfunddistribution.com, or you may request that the Fund Administrator send you a Proof of Claim Form by calling 888-286-0552, emailing [email protected] or writing to Oppenheimer Fair Fund, Fund Administrator, PO Box 3770, Portland, OR 97208-3770.

SOURCE The Securities and Exchange Commission