Oppenheimer moves to end cash sweep case with $70M deal before trial

Oppenheimer Holdings Inc. (OPY) has agreed to a binding term sheet to settle a class-action lawsuit concerning its cash sweep program for $70 million. This settlement aims to resolve claims exceeding $440 million asserted by plaintiffs and will significantly impact the company’s Q1 2026 earnings, being fully reserved in that quarter. The agreement is subject to court approval and explicitly states no admission of liability from Oppenheimer.

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