The Sparer Law Group Announces a Proposed Class Action Settlement Involving All Persons and Entities that Purchased or Acquired Shares of the Oppenheimer California Municipal Fund

DENVER, Sept. 2, 2017 /PRNewswire/ --

IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF COLORADO

Master Docket No. 09-md-02063-JLK-KMT
IN RE: OPPENHEIMER ROCHESTER FUNDS GROUP SECURITIES LITIGATION
This Document Relates To: The Oppenheimer California Municipal Fund

SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION AND NOTICE OF MOTION FOR AWARD OF ATTORNEYS' FEES AND REIMBURSEMENT OF EXPENSES

TO:  All persons and entities that purchased or acquired shares of the Oppenheimer California Municipal Fund (the "Fund") between September 27, 2006 and November 28, 2008.

You could receive a payment from this class action settlement (the "Settlement").

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of Colorado, that a settlement has been proposed to resolve the lawsuit currently pending under the caption In re: Oppenheimer Rochester Funds Group Securities Litigation, Master Docket No. 09-md-02063-JLK-KMT (D. Col.) (the "Action").  Your rights will be affected by the Settlement if you purchased or acquired the Fund's Class A, Class B and Class C shares (ticker symbol respectively OPCAX, OCABX, and OCACX) between September 27, 2006 and November 28, 2008 and have not previously excluded yourself from the Class.

A hearing will be held on November 6, 2017, at 10:30 am, before the Honorable John L. Kane at the Alfred A. Arraj United States Courthouse, 901 19th Street, Denver, Colorado, for the purpose of determining, among other things, (1) whether the proposed Settlement of the Action for the total sum of $50,750,000 in cash is fair, reasonable, and adequate and should be approved by the Court; (2) whether the Action should be dismissed with prejudice pursuant to the terms and conditions of the Settlement; (3) whether the Distribution Plan for distributing the proceeds of the Settlement should be approved; and (4) whether Class Counsel's application for the payment of attorneys' fees and reimbursement of expenses incurred in connection with the Action, including  reimbursement to the Class Representative, should be approved.

If you have not already received a copy of the Notice of Pendency and Proposed Settlement of Class Action and Notice of Motion for Awards of Attorneys' Fees and Reimbursement of Expenses (the "Notice"), go to www.OppenheimerCalMuniLitigation.com or write to: Oppenheimer California Municipal Fund Securities Litigation Claims Administrator P.O. Box 3719, Portland, OR 97208-3719.  The Notice contains additional important information.

You must be an eligible Class Member to qualify for payment under the Settlement.  If you were sent a completed Record of Fund Transactions by mail, then you do not need to do anything to be eligible to receive a payment.  If you were not sent a completed Record of Fund Transactions by mail, then you must complete and return a Proof of Claim and supporting documents by February 28, 2018, following the instructions on the Proof of Claim.  Class Members who do not know whether they need to submit a Proof of Claim should seek assistance from the Claims Administrator. 

If the Settlement is approved and you are a Class Member who does not submit a valid Proof of Claim (where required), then you will not receive a payment from the Settlement but will remain bound by the final judgment entered by the Court and claims that you might have will be dismissed or released. 

Class Members may object to the Settlement, the Distribution Plan, or to the motion for an award of attorneys' fees and expenses and for reimbursement to the Class Representative.  Any objection must include your name, address, telephone number, the number of Fund shares purchased and sold during the Class Period, the reasons you object, and any applicable supporting papers.  Please keep a copy of everything you send.  Your objection must be postmarked no later than October 18, 2017, and mailed to each of the following:

PLEASE DO NOT TELEPHONE THE COURT REGARDING THIS NOTICE. If you have questions about the Settlement, you may contact Lead Counsel for the Class listed above, or you can contact the Claims Administrator by phone at (888) 299-1179, by email at [email protected], or visit its website at www.OppenheimerCalMuniLitigation.com.

SOURCE United States District Court for the District of Colorado