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

According to a press release dated July 29, 2009, a class action lawsuit was filed on July 28, 2009 in the United States District Court for District of Colorado, on behalf of those who purchased or otherwise acquired securities of Oppenheimer AMT-Free New York Municipals (the "Fund") (Nasdaq:OPNYX) (Nasdaq:ONYBX) (Nasdaq:ONYCX) between May 21, 2006 and October 21, 2008, inclusive (the "Class Period").

The Complaint names the Fund, Oppenheimer Funds, Inc., and a number of individuals as Defendants (collectively, "Defendants").

The Complaint alleges the Defendants violated the Securities Act of 1933 by failing to disclose in the Fund's prospectus that the Fund employed strategies designed to enhance its reported returns while, at the same time, these strategies exposed the Fund to much greater risk of price decline in the value of its portfolio securities in the event of illiquidity in the market for municipal securities. The Complaint alleges that the Defendants failed to disclose that these strategies exposed the Fund to greater risk of loss should the Fund be forced to sell large blocks of its portfolio at disadvantageous times at prices reduced from those at which the securities were previously carried on the Fund's books. The Fund's shares declined significantly when these risks materialized.

On July 9, 2010, the case was transferred to Multidistrict Litigation in the U.S. District Court for the Southern District of New York, 1:09-md-02063-JLK-KMT.

In MDL Court, on November 18, 2009, Judge John L. Kane appointed John Vazquez as lead Plaintiff for the AMT Free New York class of securities fraud investors and approved his selection of Milberg LLP as lead Counsel.

On January 15, 2010, the lead Plaintiff filed a Consolidated Class Action Complaint, In re AMT-Free New York Municipal Fund. The Consolidated Complaint added individual Defendants and violations of §13(a) of the Investment Company Act. Motions to dismiss have been filed in April 2010.

On March 20, 2013, the Court denied the Defendants’ Joint Motion to Dismiss the Lead Plaintiff’s Consolidated Complaints.

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.