OppenheimerFunds Inc. is an American asset management company serving financial advisors, individual investors and institutions.

According to a press release dated April 24, 2009, the Complaint alleges that the Fund and certain of its trustees and officers and also Oppenheimer Funds, Inc., violated sections of the Securities Act of 1933, which prohibits materially false and misleading statements in registration statements and prospectuses of the kind used to sell shares in the Fund.

In addition, the Fund failed to disclose that its use of derivative instruments known as "inverse floaters" which, under certain conditions, could (and did) effectively force the Fund to sell securities from its portfolio regardless of market conditions. In or around October 2008, the Fund filed a prospectus supplement alerting investors of the true risks of its investments -- the same risks that existed in 2006, 2007, and throughout 2008. By October 2008, however, those risks had already manifested themselves dealing substantial losses to investors, causing shares to lose approximately 30% of their net asset value between January 2008 and October 2008.

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, the MDL Court granted the motion to appoint Victor Sasson as lead Plaintiff and approved his selection of Milberg, LLP, as lead Counsel for the New Jersey Municipal Fund class.

On January 15, 2010, a Consolidated Class Action Complaint was filed, In re New Jersey Municipal Fund. The Defendants responded by filing a motion to dismiss on April 5, 2010.

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.