Oppenheimer settles cash-sweep class action for $70M, to impact Q1 earnings

OPPENHEIMER HOLDINGS INC

Settlement of Liberty Capital Group class action for $70M; plaintiff had sought >$440M in damages.
Payment into escrow 10 days after preliminary court approval, expected within 90 days.
No admission of liability; release covers all claims from 2022 through final approval.
$70M charge to be taken in Q1 2026 earnings (reporting May 1); company expects full tax deductibility.
Settlement avoids jury trial scheduled for June 2026; case was first of ~25 similar suits to go to trial.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

OPPENHEIMER HOLDINGS INC entered into Settlement Term Sheet with Liberty Capital Group, Individually and on Behalf of All Others Similarly Situated valued at $70 million (effective 2026-04-24).

Action: entry
Agreement: settlement
Counterparty: Liberty Capital Group, Individually and on Behalf of All Others Similarly Situated
Value: $70 million
Effective: 2026-04-24

Exact text from the filing

On April 24, 2026, Oppenheimer & Co., Inc. (“Oppenheimer”), the principal operating subsidiary of Oppenheimer Holdings Inc. (the “Company”), reached an agreement to settle the previously disclosed litigation styled Liberty Capital Group, Individually and on Behalf of All Others Similarly Situated v. Oppenheimer Holdings Inc., Oppenheimer & Co. Inc., and Oppenheimer Asset Management Inc. , No. 1:25-cv04822-JSR which was filed in the United States District Court for the Southern District of New York in June of 2025 (the “ District Court”).

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Source: SEC EDGAR

accession 0001628280-26-027280

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