Oppenheimer Funds, Inc. ("Oppenheimer") is a global brokerage and investment bank.

According to a press release dated March 16, 2009, the Complaint filed charges Oppenheimer, the Fund and certain of its Trustees with violations of the Securities Act of 1933. The suit claims that the registration statements and prospectuses used to sell shares in the Fund contained materially false and misleading statements about the risks of investing in the Fund. The lawsuit identified the following funds as affected: A Shares (ORNAX), B Shares (ORNBX) and C Shares (ORNCX). On October 21, 2008, Rochester filed a Prospectus Supplement which alerted investors of the true liquidity risks of the Fund's investments. The Fund closed at $6.59 per share later that day, representing a 49% decline from the Class Period high of $13.00 per share.

On June 17, 2009, by Transfer Order from Judicial Panel on Multidistrict Litigation, this action and many others were transferred to the District of Colorado, MDL 2063, In Re: Oppenheimer Rochester Funds Group Securities Litigation.

On November 18, 2009, Judge John L. Kane issued the Order in the Multidistrict Litigation docket, no. 09-md-02063, appointing Peter Unanue as lead Plaintiff of the Rochester National Municipal Fund class action and approving his selection of Milberg LLP to serve as lead Counsel for the class. An Amended Complaint was filed on January 15, 2010. The defendants responded by filing motions to dismiss on April 5, 2010.

According to the Order entered on October 24, 2011, Judge John L. Kane granted the Defendants' 285 Joint Motion to Dismiss the Consolidated Complaints in the Rochester Funds Group Securities Litigation with respect to Plaintiffs' claims under Section 13(a) of the Investment Company Act and was denied in all other respects. Defendant MassMutual's 284 Motion to Dismiss was also denied.

On January 18, 2012, the MDL Court issued an order on pending motions for reconsideration. The Court granted the motion of certain Defendants and denied the motion of a certain Defendant. Two days later, the Court issued an Amended Opinion and Order on Motions to Dismiss which reflected the Court's holdings from the January 18 Order.

The parties entered into a Stipulation and Agreement of Settlement on July 10, 2017. The Court entered preliminary approval of the Settlement on July 11. On November 6, the Court granted final approval of the Settlement and entered Final Judgment. On October 3, 2018, the Court issued an Order for Distribution of the net Settlement fund.