Hagens Berman Sobol Shapiro Cases

Oppenheimer Champion Income Fund

Date Filed: February 24, 2009

Court: U.S. District Court

Location: Colorado

Ticker Symbol: OPCHX

Hagens Berman Sobol Shapiro filed a class-action lawsuit against Oppenheimer Funds, claiming it misled investors about the risks and investments of its Oppenheimer Champion Income Fund. As a result, the fund lost more than 80 percent of its value, dropping almost $2 billion over the course of 15 months.

The lawsuit represents two classes of shareholders, one under state law claiming breach of contract and secondly all fund purchasers who held or purchased shares between Nov. 1, 2006 and Dec. 31, 2008.

The suit alleges defendants marketed and sold the fund as a conservative high-income fund when in fact it invested in mortgage-backed securities and illiquid derivatives, which led to the fund's collapse.

The funds affected in this suit include: A Shares (OPCHX), B Shares (OCHBX), C Shares (OCHCX), N Shares (OCHNX) and Y Shares (OCHYX).