Oppenheimer Holdings agrees to $70 million settlement in class action suit

Oppenheimer Holdings Inc. (NYSE: OPY) reached an agreement to settle a class action lawsuit for $70 million, according to a company filing.

The settlement resolves litigation filed in June 2025 in the United States District Court for the Southern District of New York. The case, styled Liberty Capital Group v. Oppenheimer Holdings Inc., involved claims against the company and its subsidiaries Oppenheimer & Co. Inc. and Oppenheimer Asset Management Inc.

Under the binding settlement term sheet executed April 24, 2026, Oppenheimer agreed to pay the settlement amount into an escrow account within ten business days of receiving preliminary court approval. The company expects this process to take up to 90 days.

The settlement includes a release from all claims arising from the facts and circumstances alleged in the litigation. The agreement specifies no admission of liability or wrongdoing by the company.

The parties have 60 days to finalize formal settlement documentation and file a stipulation of settlement with the court for preliminary approval. The settlement remains subject to both preliminary and final approval by the District Court.

The company stated there is no assurance that definitive settlement documentation will be executed or that the court will approve the proposed settlement on current or modified terms. If finalized and approved, the settlement would resolve all claims against the company in the litigation.

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