$70M Oppenheimer Cash Sweep Class Action Settlement

Who Was Eligible?

Who the settlement covered:

• You participated in Oppenheimer’s Advantage Bank Deposit Program at any point from 17 March 2022 through 22 May 2026. One day in the programme is enough to have a claim.
• This is about uninvested cash that was swept into bank deposit accounts — not the investments you chose. If you held an Oppenheimer brokerage account and idle cash in it was moved automatically into deposits, that is the programme in question.
• How much you are owed turns on how much cash was swept and for how long. Balances are grouped into five tiers: $0.01–$249,999.99, $250,000–$499,999.99, $500,000–$999,999.99, $1,000,000–$4,999,999.99, and above $5,000,000, each with its own rate.
• You do not have to reconstruct your own balances. The court’s order requires Oppenheimer to give the administrator each class member’s daily ABDP deposit balances, so the calculation runs off the firm’s own records.
• Anyone who excluded themselves by 27 August 2026 gets nothing from the fund and keeps the right to sue separately.

How Much Did It Pay?

Nobody can tell you your figure yet, and any site quoting one is guessing. The $70 million is the whole fund, not what a claimant receives. Three things come out of it first:

• Attorneys’ fees — Class Counsel will apply for up to 30% of the fund, or $21 million, plus accrued interest.
• Litigation expenses — up to a further $2.75 million plus interest, which may include an award to the named plaintiff.
• Notice and administration costs, and taxes on the interest the escrow earns.

That leaves a Net Settlement Fund of at most about $46 million, and less once administration is paid. Measured against the roughly $557 million of extra interest the plaintiff’s expert says ABDP participants should have received, the fund works out at on the order of 8% of the alleged shortfall once fees and expenses come off.

Your share of what is left is pro rata, worked out day by day. For each day you were in the programme the administrator takes your balance that day multiplied by a market-based interest rate for your tier, then subtracts your balance multiplied by the rate Oppenheimer actually paid. Days that come out negative or zero count as zero. Those daily differences are added up into your “Notional Claim Amount”, and your amount is weighed against the total of every approved claimant to set your slice of the net fund.

The practical effect: a large balance held across the whole class period yields a far bigger share than a small balance held briefly — and every share shrinks as more people file.

How this claim was filed

This settlement is closed, so the steps below are kept for reference only — they no longer lead anywhere you can file.

• Find your Claim ID and PIN. Verita Global, the court-appointed administrator, emailed or posted a Claims Packet to class members it could identify. The Claim ID looks like OPCS-100000000 and comes with a separate PIN. You need both to file online.
• No notice? That does not mean you are excluded. Use the Contact Us form on the official settlement site to check whether you are in the class and have your Claim Form resent.
• File online at oppenheimercashsweeplitigation.com, or post the paper Proof of Claim and Release Form to the address printed in your notice.
• Complete it properly. The form must be signed under penalty of perjury, asks for the last four digits of your Social Security number (or full taxpayer ID) to verify the claim, and includes a backup-withholding certification. Leaving that out can delay or sink the claim.
• Deadline: 17 September 2026. Online claims must be submitted, and posted forms postmarked, by that date.
• Then wait, and do not expect it quickly. The approval hearing is 17 September 2026. Nothing is paid until the court approves the settlement and any appeals are finished — see how to check a settlement’s status.

Frequently Asked Questions