$70 Million Oppenheimer Cash Sweep Settlement: How to Claim

What happened

Class period: March 17, 2022 through May 22, 2026

• Oppenheimer & Co. Inc. ran a cash sweep program called the Advantage Bank Deposit Program, or ABDP. Cash sitting uninvested in customer accounts was moved into bank deposit accounts, where it was supposed to earn interest.
• A lawsuit filed in June 2025 said Oppenheimer paid ABDP customers far less interest than the program terms called for.
• The suit brought claims for breach of contract, breach of the duty of good faith and fair dealing, and a violation of New York consumer protection law. A judge certified the case as a class action in December 2025.
• The plaintiff's damages expert estimated that ABDP participants as a group should have received about $557 million more in interest during the class period.
• Oppenheimer denies doing anything wrong. It agreed to pay $70 million to end the case.
• The settlement covers customers of Oppenheimer & Co. Inc. and Oppenheimer Asset Management Inc. who took part in the ABD Program from March 17, 2022 through May 22, 2026.

What you can get

Key dates

Who may qualify

• You were a customer of Oppenheimer & Co. Inc. or Oppenheimer Asset Management Inc.
• Your account took part in the Advantage Bank Deposit Program, also called the ABD Program or ABDP
• You were in the program for at least one day between March 17, 2022 and May 22, 2026
• You received a Notice Packet in the mail or an email from the Claims Administrator, or you can confirm participation from your investment records

How to file

1. Check your investment records or ask your broker whether your account was in the ABD Program
2. Go to the official settlement website and click "File Claim"
3. Use the claim ID and PIN from your Notice Packet to file online
4. Or fill out the paper Proof of Claim, sign it, and mail it to the Claims Administrator
5. File a separate claim form for each account that was in the ABD Program
6. Make sure your claim is submitted or postmarked no later than September 17, 2026
7. Do not email your claim. Emailed claims are not reviewed.

Proof required

• Include any documents the Claim Form asks you to send
• Account statements or records showing your ABD Program participation, if you did not receive a Notice Packet
• Your tax identification number or the last four digits of your Social Security number
• Your signature on the Proof of Claim
• For a claim filed for someone who has died, a death certificate plus proof of authority to file, such as Letters Testamentary

Payment timing

Payments come after the Court approves the settlement at the September 17, 2026 hearing and after any appeals are resolved. No payment date has been set. Check the official site for updates.

Important links

• Official website
• Claim form
• FAQs
• Documents

Contact

Extra details

• If you did not get a Notice Packet but think you were in the ABD Program, call 1-888-808-7104 or email the administrator to have a claim form sent
• Exclusion requests go to a different address: Oppenheimer Cash Sweep Litigation, Claims Administrator, c/o Verita Global, EXCLUSIONS, P.O. Box 5100, Larkspur, CA 94977-5100
• Attorney fees of up to 30% of the fund, litigation costs of up to $2.75 million, and a $5,000 award to the lead plaintiff come out of the $70 million before payments are split
• Staying in the class means giving up the right to sue Oppenheimer over anything connected to the ABD Program, including claims you do not know about yet
• Watch for scams. Use the official settlement site only. No one from the settlement will ask you to pay a fee.

FAQ

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