Oppenheimer Champion Income Funds Lost Nearly 80% In 2008
Clients of many large brokerage firms such as UBS, Citigroup, Merrill Lynch, Wachovia, Linsco Private Ledger, Stifel Nicholaus, ING and others, suffered huge losses in the Oppenheimer Champion Income Funds (OPCHX, OCHBX and OCHCX). Investors thought they were invested in conservative high income funds or high income funds that were not extremely more risky than the group of high income funds, as a whole. Unfortunately, this was not the case resulting in staggering losses of nearly 80% for the year in 2008. During one single month, November, the fund lost an astounding 55%. Had investors been advised of the risk they were taking by putting their money in high risk, illiquid derivatives, they would have likely chosen not to make the investment.
The fund assets were invested in speculative derivative tranches, credit default swaps, total return swaps and other highly risky investment vehicles.
If you have suffered losses in the Oppenheimer Champion Income Funds, please contact our securities law firm at 1-800-259-9010 for a confidential, no obligation consultation.