Oppenheimer (OPY) Stock News: $70 Million Cash Sweep Settlement Gets Final Judgment

Oppenheimer & Co. agreed to a $70 million settlement over the interest rates it paid customers in its Advantage Bank Deposit Program, the cash sweep that moves uninvested brokerage cash into bank deposits, according to OpenClassActions. Judge Jed S. Rakoff entered final judgment on September 18, 2026; claims closed September 17.

The case#

Liberty Capital Group v. Oppenheimer & Co. was filed June 6, 2025 in the Southern District of New York. In December 2025 the court certified a class on three New York claims: breach of contract, breach of the implied covenant of good faith, and a consumer-protection claim. The plaintiff’s damages expert estimated participants should have received about $557 million in additional interest, an allegation Oppenheimer disputes and the $70 million fund resolves without a finding on the merits.

Who was covered#

Customers of Oppenheimer & Co. or Oppenheimer Asset Management who participated in the sweep program between March 17, 2022 and May 22, 2026, with payments pro rata by deposit balance, rate tier and time in the program.

Why it matters for the stock#

For readers following OPY, $70 million is material for a firm of Oppenheimer’s size, and it is one of the largest cash-sweep settlements to date. Sweep litigation is active across the brokerage industry, and the terms of any revised sweep rates will show up in net interest income in coming quarters.

Read the full case page on OpenClassActions.

Published October 21, 2026. Informational reporting, not legal or investment advice. TickerPosts and OpenClassActions.com share a founder. Settlements resolve claims without an admission of wrongdoing, and allegations in pending lawsuits are unproven.