Oppenheimer & Co. $70M Advantage Bank Deposit Program Settlement

Danielle Toth

Editor

Published

July 2, 2026 2:20 PM

Updated

July 2, 2026

Who can file a claim?

The settlement includes all customers of Oppenheimer or Oppenheimer Asset Management Inc. who participated in Oppenheimer’s ABDP at any time from March 17, 2022, through May 22, 2026. This includes both nondiscretionary and advisory services customers. Customers must have participated in the ABDP for at least one day during the class period.

To determine eligibility, individuals should check their investment records or contact their broker to confirm participation in the ABDP during the relevant period.

The settlement recognizes five tiers of ABDP participation based on deposit balance:

Tier 1: $0.01 to $249,999.99
Tier 2: $250,000 to $499,999.99
Tier 3: $500,000 to $999,999.99
Tier 4: $1,000,000 to $4,999,999.99
Tier 5: $5,000,000 and greater

How much can class members receive?

The total settlement fund is $70,000,000, which the settlement administrator will distribute to class members after deducting court-approved attorneys’ fees, litigation expenses, notice and administration costs, and taxes.

Each class member’s payment will depend on:

The number of valid claims submitted
The amount of time each class member participated in the ABDP
Their deposit balance and applicable tier

The settlement uses a plan of allocation to determine each class member’s “notional claim amount.” The settlement administrator calculates the difference between the interest the class member would have received if Oppenheimer had paid the market-based interest rate and the interest the class member actually received for each day they participated in the ABDP. The sum of these daily differences over the class period is the notional claim amount.

The settlement administrator uses the following calculation to determine each class member’s share of the net settlement fund:

Individual payout = (class member's notional claim amount / total notional claim amounts of all claimants) × net settlement fund

Actual payouts will vary based on individual ABDP balances, the interest rates in effect and the number of valid claims. If the net settlement fund exceeds the sum total of all notional claim amounts, the settlement administrator will distribute the excess pro rata to all eligible claimants.

How to claim a class action payment

Class members can file a claim online or download and print a PDF claim form (pages 130-138 of the stipulation of settlement) to complete and mail to the settlement administrator. The claim deadline is Sept. 17, 2026.

Settlement administrator’s mailing address: Oppenheimer Cash Sweep Litigation Claims Administrator, c/o Verita Global, P.O. Box 301170, Los Angeles, CA 90030-1170

Class members can also request claim forms by calling 888-808-7104 or emailing info@OppenheimerCashSweepLitigation.com.

What proof or documentation is required to submit a claim?

Claimants must provide documentation of their participation in the ABDP, such as account statements or other records showing their deposit balances and dates of participation. This documentation is necessary to calculate the notional claim amount and determine the claimant's share of the settlement.

Online claimants must provide the claim ID and PIN from the settlement notice they received.

Those filing on behalf of a deceased owner or estate must provide proof of authority (e.g., death certificate or letters testamentary).

Payout options

The settlement administrator will mail checks to eligible claimants.

$70 million settlement fund breakdown

The $70,000,000 settlement fund will cover:

Notice and administration costs: Amount not specified
Attorneys’ fees: Up to $21,000,000
Attorneys’ expenses: Up to $2,750,000
Service award to lead plaintiff: Up to $5,000
Payments to approved class members: The remainder after the above deductions

Important dates

Deadline to request exclusion: Aug. 27, 2026
Fairness hearing: Sept. 17, 2026
Deadline to file a claim: Sept. 17, 2026

When is the Oppenheimer ABDP settlement payout date?

The settlement administrator will issue payments after the court resolves any appeals and grants final approval of the settlement.

Why is there a class action settlement?

The class action lawsuit alleged Oppenheimer & Co. failed to pay customers in its ABDP the interest rates they were entitled to under the program’s terms. The plaintiffs claimed this amounted to breach of contract, breach of the implied covenant of good faith and fair dealing, and violation of New York General Business Law § 349.

Oppenheimer denied all allegations of wrongdoing and liability but agreed to settle to avoid the uncertainty, burden and expense of further litigation.