$70M Oppenheimer & Co. ABDP cash sweep class action settlement

Oppenheimer & Co. has agreed to a $70 million class action settlement to resolve claims it violated New York law by failing to pay its Advantage Bank Deposit Program (ABDP) participants the interest they were owed.

The Oppenheimer settlement benefits Oppenheimer customers or Oppenheimer Asset Management Inc. customers who participated in the Advantage Bank Deposit Program from March 17, 2022, through May 22, 2026.

The Advantage Bank Deposit Program is a cash sweep program that allows eligible Oppenheimer clients to earn interest on their cash balances. According to the class action lawsuit, Oppenheimer failed to pay its ABDP participants the interest they were owed under the program’s terms.

Oppenheimer is a wealth management and investment firm that offers services to individuals, families, businesses and institutions.

Oppenheimer has not admitted any wrongdoing but agreed to pay $70 million to resolve the class action lawsuit.

Under the terms of the Oppenheimer settlement, class members can receive a cash payment based on the amount of interest they were owed but did not receive from Oppenheimer. Class members who have a higher claim amount will receive a larger share of the settlement fund.

According to the sweep account settlement website, each class member’s share of the net settlement fund will depend on the number of claims filed, the amount of the net settlement fund and the amount of time each class member participated in the ABDP and their level of deposits.

The deadline for exclusion and objection is Aug. 27, 2026.

The final approval hearing for the Oppenheimer class action settlement is scheduled for Sept. 17, 2026.

To receive a settlement payment, class members must submit a valid claim form by Sept. 17, 2026.

The class action settlement benefits Oppenheimer and Oppenheimer Asset Management customers who participated in the Advantage Bank Deposit Program from March 17, 2022, through May 22, 2026.