By Dorothy Atkins (August 18, 2022, 6:10 PM EDT) — A Georgia federal judge dismissed Wednesday a proposed class action alleging Oppenheimer & Co. and others aided a former adviser’s Ponzi scheme that led to their $110 million investment losses, but he gave the investors two weeks to request a chance to amend their complaint.
In a 31-page order, U.S. District Court Judge Steven D. Grimberg held that the investments at issue were a “covered security” under the Securities Litigation Uniform Standards Act, and therefore the investors’ fraud-based claims and derivative claims are barred by the statute.
Judge Grimberg said it’s difficult to see how the investors could cure the problems…
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