Oppenheimer Champion Income Fund Dropped 80% In 2008
Investors in the Oppenheimer Champion Income Fund thought they were invested in a conservative high income fund or a high income fund that was 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. Clients of many large brokerage firms such as UBS, Citigroup, Merrill Lynch, Wachovia, Linsco Private Ledger, Stifel Nicholaus, ING and others, suffered huge losses.
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 A Fund (OPCHX), please contact our securities law firm at 1-800-259-9010 for a confidential, no obligation consultation.