Administration March 28, 2012

Retirement Fund Sues Oppenheimer for Misleading Statements

March 28, 2012 (PLANSPONSOR.com) – Massachusetts-based Brockton Retirement Board sued an Oppenheimer Holdings Inc. fund for allegedly untrue and misleading statements in the fund's solicitations. 
Reported by

The retirement board sued Oppenheimer Global Resource Private Equity Fund I LP sponsor Oppenheimer Asset Management Inc., the fund’s administrator, its general partner and two executives in federal court in Boston, reports Bloomberg News.

The Oppenheimer solicitation allegedly overstated the value of holdings in the Global Resource Private Equity Fund, which is described as a fund-of-funds intending to invest in natural resource-related companies. According to the complaint, the Brockton plan invested $5 million, $3.2 million of which has been drawn upon in capital calls by the fund’s general partner.  

The pension plan alleges violations of federal securities laws and seeks certification of group status for the lawsuit, together with an award of unspecified compensatory damages, states the news report.

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