Frequently Asked Questions

  1. Why did I get the notice package?

    You received a Notice because you may be a member of the Class: our records indicate that you purchased or acquired A, B, or C shares in the Fund during the Class Period, between September 27, 2006 and November 28, 2008. The lawsuit on behalf of the Class is currently ongoing.

    The litigation is called In re: Oppenheimer Rochester Funds Group Securities Litigation, Master Docket No. 09-md-02063-JLK-KMT. Judge John L. Kane of the United States District Court for the District of Colorado is currently presiding over this case. Judge Kane authorized this Notice to be sent to potential Class members to inform them of the case and to explain Class members’ rights and options. You are not being sued.

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  2. What is this lawsuit about?

    The Plaintiff sues the Defendants under Sections 11, 12(a)(2), and 15 of the Securities Act of 1933. The Plaintiff alleges a series of material misstatements and omissions in the Fund’s offering documents issued during the Class Period relating to the Defendants including the following:

    1. failure to adhere to the Fund’s stated investment objective of seeking the highest tax free income consistent with the preservation of capital;
    2. over-concentration of the Fund’s assets in non-investment grade (“junk”) bonds;
    3. over-concentration of the Fund’s assets in bonds exposed to the risk of California’s real estate industry; and
    4. excessive (and underreported) use of leverage through the Fund’s investments in inverse floaters and borrowing.

    The prospectuses and statements of additional information at issue in this case were filed with the SEC between September 27, 2006 and October 31, 2007 inclusive. The Plaintiff alleges that the offering documents materially understated the risks of investing in the Fund, causing losses to Class members once those risks materialized

    The companies and individuals who have been sued are called the Defendants. The Defendants in this case are: Oppenheimer California Municipal Fund, OppenheimerFunds, Inc., OppenheimerFunds Distributor, Inc., Mass Mutual Life Insurance Co., and the following individual trustees and/or officers of the Fund: Brian F. Wruble, John V. Murphy, Brian W. Wixted, David K. Downes, Matthew P. Fink, Robert G. Galli, Phillip A. Griffiths, Mary F. Miller, Joel W. Motley, Russell S. Reynolds, Jr., Peter I. Wold, Ronald H. Fielding, Daniel G. Loughran, Scott S. Cottier, and Troy E. Willis.

    The Defendants deny that the offering documents were misleading and deny that they did anything wrong. The Defendants argue that the material risks associated with investing in the Fund were disclosed and that Class members cannot recover any alleged damages from the Defendants.

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  3. What has happened in the lawsuit?

    The parties have engaged in discovery of fact witnesses and are currently engaging in discovery of expert witnesses.

    On October 16, 2015, the Court approved, or “certified,” this lawsuit to proceed as a class action lawsuit. In a class action, one or more individiuals called “class representatives” sue on behalf of themselves and other investors who have similar claims. The investors together are a “class,” and the Court’s rulings apply to the class as a whole. If a trial takes place or the case is otherwise resolved, it will decide the lawsuit for everyone in the Class. The class representative in this action is Joseph Stockwell.

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  4. What is the current status of the lawsuit?

    The lawsuit is currently pending in the United States District Court for the District of Colorado before United States District Judge John L. Kane. No trial date has been set yet. Unless the Plaintiff and the Defendants reach a settlement, or the case is otherwise resolved before trial, the case will be transferred to the Northern District of California where trial will take place on a date to be set at a later time.

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  5. How do I know if I am a Class member?

    If you purchased or acquired shares of the Oppenheimer California Municipal Fund under ticker symbols OPCAX (class A shares), OCABX (class B shares) or OCACX (class C shares) during the period between September 27, 2006 and November 28, 2008, you are part of the Class.

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  6. Who is not part of the Class?

    You are not part of the Class if you only sold shares of the Fund during the period between September 27, 2006 and November 28, 2008.

    The Class includes only investors who purchased shares in the Fund; purchases of shares of other mutual funds, including other Oppenheimer mutual funds, are not at issue in this litigation.

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  7. What do I have to decide as a Class member?

    You must decide whether to stay in the Class or opt out of the Class.

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  8. What does it mean to stay in the Class or opt out?

    Stay in the Class: If you stay in the Class, you will be eligible to share in any recovery that may occur in this case, either from a judgment or from a settlement. You will be bound by past and any future court rulings on the claims against the Defendants, and you will not be able to pursue your own claims on an individual basis.

    Opt Out of the Class: If you opt out of the Class (see FAQ 10), you will NOT be eligible for any recovery that may occur in this case. You will be free to pursue an individual suit, although past or future court rulings on the claims against the Defendants in this case may affect such individual suit. You will not receive money or be bound by any settlement of the claims against the Defendants, and therefore you will not be able to object to or comment on any settlement that may occur in this case. Once you opt out of the Class, you cannot rejoin.

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  9. How do I stay in the Class?

    If you are a Class member, you will stay in the Class unless you request to be excluded by following the instructions in FAQ 10. The final judgment entered in this case will include, and be binding upon, all members of the Class who do not specifically request exclusion, regardless of whether the judgment is favorable to the Plaintiff.

    YOU DO NOT NEED TO DO ANYTHING NOW TO STAY IN THE CLASS AND TO SHARE IN ANY POTENTIAL RECOVERY OBTAINED IN THIS ACTION.

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  10. How do I opt out of the Class?

    If you do not wish to remain a member of the Class – meaning you do not want to participate in any recovery that may occur in the case and want to keep the right to sue or continue to sue the Defendants separately – you must send a written “Request to Opt Out,” which must be sent to the Notice Administrator and postmarked no later than April 29, 2016.

    To be valid, your written request to opt out must:

    1. set forth the name, address, and telephone number of the person or entity requesting to opt out;
    2. state that the person or entity “requests to opt out of the Oppenheimer California Municipal Fund Class in In re: Oppenheimer Rochester Funds Group Securities Litigation, Master Docket No. 09-md-02063-JLK-KMT;”
    3. be signed and dated by such person or entity;
    4. state the name of the broker, if any, at which such person or entity held Fund shares; and
    5. be postmarked no later than April 29, 2016.

    Requests for opt out must be mailed to the following address:

    Please keep a copy of everything you send by mail.

    You cannot opt out on the phone or by e-mail. Do not request to opt out if you wish to participate as a Class Member. If you opt out of the Class, you will not be bound by any decisions in this case, and you will not be entitled to share in any recovery that may be obtained for the Class. If you have brought or intend to bring your own arbitration or lawsuit against the Defendants, you should speak with a lawyer immediately. You must opt out of the Class to continue your own lawsuit or arbitration.

    If you do not request to opt out from the Class, you will be considered a Class member, and you will be bound by the decisions the Court makes in this case.

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  11. As a Class member, do I have a lawyer representing my interests in this case?

    Yes. The Court has appointed lawyers to represent you and other Class members. These lawyers are called Class Counsel. You will not be charged individually for these lawyers. They will ask the Court to approve an award for fees and expenses if the case results in any recovery to the Class. The following lawyers represent the Class:

    Lead Class Counsel Class Counsel
    Alan W. Sparer
    Marc Haber
    Michael L. Gallo
    Sparer Law Group
    100 Pine Street
    33rd Floor
    San Francisco, CA 94111
    (415) 217-7300
    Daniel C. Girard
    Dena C. Sharp
    Elizabeth A. Kramer
    Girard Gibbs LLP
    601 California Street
    14th Floor
    San Francisco, CA 94108
    (415) 981-4800

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  12. How will the lawyers be paid?

    Counsel for the Class are prosecuting this case on an entirely contingent basis, meaning they advance all of the costs of the litigation and only get compensated if the Class recovers. In the event of a recovery by the Class, Class Counsel will apply to the Court for an award of attorneys’ fees. The attorneys’ fees requested will be the only payment to Class Counsel for their efforts in achieving a recovery for the Class and for the risk in undertaking this representation on a wholly contingent basis. Class Counsel will also make a request for reimbursement of reasonable litigation expenses incurred during the prosecution of the case and during any claims administration process that may take place after judgment or settlement.

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  13. Should I get my own lawyer?

    You are being represented by Class Counsel and do not need to hire your own lawyer. If you want to be represented by your own lawyer, you may hire one at your own expense.

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  14. What happens if I do nothing at all?

    If you do nothing, you will remain a member of the Class. You will be eligible to share in any recovery that may occur in this case. You will also be bound by past and any future court rulings on the claims against the Defendants, and you will not be able to pursue your own claims against them. The final judgment entered in this case will include, and be binding upon, all members of the Class who do not specifically request exclusion, regardless of whether the judgment is favorable to the Plaintiff.

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  15. How do I get more information?

    This website contains a summary of relevant court papers. Complete copies of court papers referenced on this website and other filings to date are available for review and copying at the Clerk’s office, Alfred A. Arraj United States Courthouse, Room A105, 901 19th Street, Denver, CO 80294. You can also review relevant Decisions and Orders here.

    Additional information about the case is available by calling the Notice Administrator toll-free at 888-299-1179 or emailing at info@OppenheimerCalMuniLitigation.com.

    Please do not contact the Court or Judge Kane.

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  16. How will my information be protected?

    As a long-established legal services firm, Epiq ©, the Notice Administrator, has electronic systems, software applications, employee and operational protocols are all designed to afford utmost protection and security for the case information provided. Further, the Notice Administrator are obligated to fulfill the security requirements mandated by the various Court Jurisdictions and Governmental Entities that oversee the various types of cases that are administered by them.

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Important Dates

  • Class Period
    September 27, 2006 through
    November 28, 2008
  • April 29, 2016
    Deadline to Exclude yourself from the Class Action