Published
July 4, 2026
Oppenheimer brokerage and advisory customers whose idle cash sat in the Advantage Bank Deposit Program between March 2022 and May 2026 can file for a share of a $70 million fund.
What Is This Settlement About?
Oppenheimer & Co. Inc. has agreed to a $70,000,000 class action settlement resolving claims over the interest rates it paid customers in its Advantage Bank Deposit Program (the "ABD Program" or "ABDP") — the cash sweep program that automatically moves uninvested cash in Oppenheimer brokerage and advisory accounts into interest-bearing bank deposits. For background on how these programs work and why they have drawn litigation across the brokerage industry, see our cash sweep explainer.The lawsuit, Liberty Capital Group v. Oppenheimer & Co. Inc., was filed in the U.S. District Court for the Southern District of New York on June 6, 2025. The complaint alleged that Oppenheimer paid ABD Program participants lower interest rates on their swept cash than it was obligated to pay. In December 2025, the court certified a class on three New York state law claims: breach of contract, breach of the implied covenant of good faith and fair dealing, and violation of New York General Business Law Section 349. After the parties briefed summary judgment, they reached the settlement through mediation before the Hon. Layn R. Phillips (Ret.), and the court — the Honorable Jed S. Rakoff presiding — granted preliminary approval on May 22, 2026.
Oppenheimer denies all allegations of wrongdoing, liability, or damages, and says it is settling solely to eliminate the uncertainty, burden, and expense of further litigation. The plaintiff's proffered damages expert estimated that ABD Program participants collectively should have received about $557 million in additional interest during the class period under the plaintiff's interpretation — an allegation Oppenheimer disputes, and one the $70 million fund resolves without any court finding on the merits.
Status
Claims Open
Claim Deadline
September 17, 2026
Estimated Payout
Pro rata share of $70M fund
Based on your ABDP deposit balances, rate tier & time in the program during Mar 17, 2022 – May 22, 2026
Proof Required
Yes
Claim Form from your mailed or emailed Notice Packet · supporting documentation for the transactions reported
Who Qualifies?
The settlement class includes all customers of Oppenheimer & Co. Inc. or Oppenheimer Asset Management Inc. who participated in Oppenheimer's ABD Program at any time from March 17, 2022 through May 22, 2026. The class covers both self-directed brokerage customers and advisory services customers — the court's class certification order specifically found that advisory customers are included.Excluded from the class are Oppenheimer, its officers and directors during the relevant period, members of their immediate families and their legal representatives, heirs, successors, or assigns, any entity in which Oppenheimer has or had a controlling interest, and anyone who validly excludes themselves by the August 27, 2026 opt-out deadline. If you are unsure whether you participated in the ABD Program, check your account statements or ask your broker.
How Much Can You Get?
There is no flat per-person payment. Each eligible claimant's share is calculated under the court-reviewed Plan of Allocation using a "Notional Claim": for every day you participated in the ABD Program during the class period, your deposit balance is multiplied by a market-based interest rate ("MIR") for your balance tier — the rate the plaintiff's expert says you should have received — and compared with the interest you actually received under Oppenheimer's rate schedule. The daily differences are added up across the class period to produce your Notional Claim Amount, and the Net Settlement Fund is divided pro rata among all claimants in proportion to those amounts.The balance tiers run from Tier 1 (balances of $0.01 to $249,999.99) up to Tier 5 (balances above $5,000,000), so claimants with larger balances and longer participation generally have larger Notional Claims. Daily ABDP deposit balances are obtained from Oppenheimer's own records. The Net Settlement Fund is the $70 million plus earned interest, minus court-approved attorneys' fees (class counsel will request up to 30% of the fund, or $21 million), litigation expenses of up to $2.75 million, a service award to the class representative of up to $5,000, and notice, administration, and tax costs. Your actual payment depends on how many valid claims are filed.
How to File a Claim
A Claim Form is included in the Notice Packet that the claims administrator, Verita Global, mailed or emailed to class members identified from Oppenheimer's records. You can file online at the official settlement website or complete, sign, and mail the paper form so it is postmarked by September 17, 2026. The Claim Form must be properly completed, signed under penalty of perjury, and accompanied by adequate supporting documentation for the transactions reported.If you believe you are a class member and did not receive a Notice Packet in the mail or by email, use the contact page on the official settlement website, OppenheimerCashSweepLitigation.com, to confirm your inclusion and have a Claim Form re-sent.
Important Deadlines
The deadline to submit a Claim Form is September 17, 2026 — online, or postmarked by that date for mailed forms. The deadline to exclude yourself from the class, object to the settlement, or file a notice of intention to appear at the hearing is August 27, 2026. The final approval hearing is scheduled for September 17, 2026 at 4:00 p.m. before Judge Jed S. Rakoff in Courtroom 14B of the U.S. District Court for the Southern District of New York. The hearing date can change without further mailed notice, so check the official settlement website for updates.Beware of Scams
Legitimate settlement administrators never charge a fee to file a claim or to release a payment. File only through the official settlement website or the Claim Form from your Notice Packet, and never share more information than the form requires.Frequently Asked Questions
Who qualifies for the Oppenheimer cash sweep settlement?
All customers of Oppenheimer & Co. Inc. or Oppenheimer Asset Management Inc. who participated in Oppenheimer's Advantage Bank Deposit Program (ABD Program) at any time from March 17, 2022 through May 22, 2026. Oppenheimer, its officers and directors, their immediate families, and entities Oppenheimer controls are excluded.How much can I get from the Oppenheimer settlement?
There is no fixed per-person amount. Each eligible claimant receives a pro rata share of the $70 million fund (after court-approved fees, expenses, and taxes) based on a Notional Claim — the difference between the interest their ABD Program balances actually earned and the higher market-based rates the plaintiff's expert says they should have earned, calculated daily across the class period.What is the claim deadline?
Claim Forms must be submitted online or postmarked by September 17, 2026. The deadline to exclude yourself from the class or object to the settlement is August 27, 2026, and the final approval hearing is September 17, 2026.Is proof required to file a claim?
Yes. Claim Forms are distributed in the Notice Packet mailed or emailed to class members identified from Oppenheimer's records, and the claim must be properly completed, signed, and accompanied by adequate supporting documentation for the transactions reported. If you believe you are a class member and did not receive a Notice Packet, use the contact page on the official settlement website to confirm your inclusion and request a Claim Form.What was the Oppenheimer cash sweep lawsuit about?
The lawsuit, Liberty Capital Group v. Oppenheimer & Co. Inc., alleged that Oppenheimer paid ABD Program participants lower interest rates on their swept cash than it was obligated to pay, asserting claims for 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 all allegations of wrongdoing and settled solely to end the litigation.
For more class actions keep scrolling below.
Sources
• Official Settlement Website: Oppenheimer Cash Sweep Litigation• Notice of Pendency of Class Action, Proposed Settlement, and Motion for Attorneys' Fees and Expenses (May 22, 2026), and the Preliminary Approval Order (ECF 170) — available on the official settlement website's court documents page
Settlement Amount
$70,000,000
Case Title
Liberty Capital Group v. Oppenheimer & Co. Inc.
Case Number
1:25-cv-04822-JSR
Court
U.S. District Court, Southern District of New York
Claim Deadline
September 17, 2026
Estimated Payout
Pro rata share of the $70M fund
Category
Cash Sweep / Investment Accounts
Final Approval Hearing
September 17, 2026 at 4:00 p.m. ET
Courtroom 14B, Daniel Patrick Moynihan U.S. Courthouse
Administrator
Verita Global
Official Website
Oppenheimer Cash Sweep Litigation
