Oppenheimer Holdings Inc. Settles 'Cash Sweep' Litigation
Oppenheimer Holdings Inc. (OPY) has settled a class-action lawsuit related to its 'cash sweep' programs, which involved moving customer funds into FDIC-insured accounts. The settlement comes after the court granted class certification and the case was set for trial. The potential damages were estimated to exceed $440 million, prompting the company to opt for a settlement to avoid the risks of a jury trial.
Tickers: $OPY
Topics: cash sweep programs class action financial institutions litigation settlement