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Liberty Capital Group v. Oppenheimer Holdings Inc., Oppenheimer & Co. Inc., and Oppenheimer Asset Management Inc.

Settlement Amount
Pro rata cash from $70M fund
Claim Deadline
September 17, 2026
Total Fund
$70,000,000

Oppenheimer & Co. has agreed to a $70 million settlement in Liberty Capital Group v. Oppenheimer Holdings Inc. over its Advantage Bank Deposit Program (ABDP) cash sweep. Eligible brokerage and advisory customers who participated in ABDP between March 17, 2022 and May 22, 2026 may receive a pro rata cash payment — but this is not a no-proof settlement; account statements are required. Claim deadline: September 17, 2026.

Do I Qualify?

You may be eligible if:

Documentation required: Account statements or other records showing ABDP participation and deposit balances/dates, as required by the Plan of Allocation. Online filing: Claim ID and PIN from your settlement notice at OppenheimerCashSweepLitigation.com. No no-proof tier: There is no flat cash option without supporting records.

File your claim through the official settlement website at oppenheimercashsweeplitigation.com before September 17, 2026.

File Your Claim →

What Happened?

Oppenheimer's Advantage Bank Deposit Program swept idle customer brokerage cash into FDIC-insured bank deposit accounts. Plaintiffs alleged the interest paid on those swept balances did not vary with prevailing market and economic conditions as promised, breaching contract terms and the implied covenant of good faith and fair dealing, and violating New York General Business Law Section 349.

Case caption: <em>Liberty Capital Group v. Oppenheimer Holdings Inc., Oppenheimer & Co. Inc., and Oppenheimer Asset Management Inc.</em>, No. 1:25-cv-04822-JSR, U.S. District Court for the Southern District of New York (Judge Jed S. Rakoff).

Oppenheimer agreed to pay $70,000,000. Payments are allocated pro rata using a notional claim amount based on ABDP balances and participation time across five tiers — not a flat per-person amount. Oppenheimer denies liability. Final approval hearing: September 17, 2026.

How to File Your Claim

  1. Visit OppenheimerCashSweepLitigation.com and file online using the Claim ID and PIN from your settlement notice
  2. Or download the claim form from the official site and mail it to the Settlement Administrator
  3. Submit supporting account statements or other records showing ABDP participation and deposit balances/dates as required by the Plan of Allocation
  4. Objection and exclusion requests must be filed by August 27, 2026
  5. Final settlement approval hearing is September 17, 2026 at 4:00 PM in Courtroom 14B, Daniel Patrick Moynihan U.S. Courthouse, SDNY (Judge Rakoff)
  6. Administrator: Oppenheimer Cash Sweep Litigation Claims Administrator, c/o Verita Global, P.O. Box 301170, Los Angeles, CA 90030-1170
  7. Phone: 888-808-7104
  8. Email: info@OppenheimerCashSweepLitigation.com
  9. Visit the official claim form: https://www.oppenheimercashsweeplitigation.com/

How Much Will I Actually Get?

Oppenheimer agreed to pay $70,000,000 to resolve claims that its Advantage Bank Deposit Program (ABDP) cash sweep paid interest rates that did not vary with prevailing market conditions as promised. This is NOT a flat or no-proof settlement. Valid claims receive a pro rata cash payment based on each class member's notional claim amount, calculated from ABDP balances and time in the program across five participation tiers. Your final payment depends on total valid claims filed and the remaining net settlement fund after court-approved fees, costs, and taxes.

Documented losses may receive higher compensation.

Last reviewed: July 8, 2026 | Information verified from court records and official settlement documents.

Frequently Asked Questions

Who qualifies for the Oppenheimer cash sweep settlement?
You may qualify if you were a customer of Oppenheimer or Oppenheimer Asset Management Inc. who participated in the Advantage Bank Deposit Program (ABDP) for at least one day between March 17, 2022 and May 22, 2026. The class includes both nondiscretionary brokerage accounts and advisory accounts that swept idle cash into FDIC-insured bank deposit accounts through ABDP.
How much can I get from the Oppenheimer ABDP settlement?
Payments are pro rata from the $70 million settlement fund based on each class member's notional claim amount. That amount is calculated from your ABDP balances and how long you participated, using five participation tiers defined in the court-approved Plan of Allocation. There is no flat guaranteed payment — your share depends on your documented participation and the total valid claims filed.
Is proof required for the Oppenheimer cash sweep settlement?
Yes. Unlike no-proof settlements, this case requires documentation. You must provide account statements or other records showing your ABDP participation and deposit balances and dates, as required by the Plan of Allocation. You also need the Claim ID and PIN from your settlement notice to file online at OppenheimerCashSweepLitigation.com. There is no alternative flat-cash tier without documentation.
What is the Oppenheimer cash sweep settlement deadline?
Claims must be submitted by September 17, 2026. The deadline to object to or exclude yourself from the settlement is August 27, 2026. Judge Jed S. Rakoff will hold the final settlement approval hearing on September 17, 2026 at 4:00 PM in Courtroom 14B of the Daniel Patrick Moynihan U.S. Courthouse in Manhattan. You do not need to attend the hearing to receive a payment if you file a valid claim.
What did Oppenheimer allegedly do wrong in the ABDP cash sweep program?
Plaintiffs alleged that Oppenheimer's Advantage Bank Deposit Program swept idle customer brokerage cash into FDIC-insured bank deposit accounts but paid interest rates that did not vary with prevailing market and economic conditions as contract terms promised. The lawsuit asserted breach of contract, breach of the implied covenant of good faith and fair dealing, and violation of New York General Business Law Section 349. Oppenheimer denies wrongdoing but agreed to settle.
How do I file a claim for the Oppenheimer cash sweep settlement?
File online at OppenheimerCashSweepLitigation.com using the Claim ID and PIN printed on your settlement notice — this is the court-authorized settlement website, not Oppenheimer's corporate site. You may also download a paper claim form and mail it with required account statements to the Claims Administrator at P.O. Box 301170, Los Angeles, CA 90030-1170. For help, call 888-808-7104 or email info@OppenheimerCashSweepLitigation.com.

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