Federal Court Approves Dissemination of Notice of Proposed Settlement of Oppenheimer Champion Income Securities Litigation

DENVER, July 26, 2011 /PRNewswire/ --

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of Colorado, that a hearing will be held on September 30, 2011, at 1:30 p.m., before the Honorable John L. Kane at the Alfred A. Arraj United States Courthouse, 901 19th Street, Denver, CO, for the purpose of determining, among other things:  (1) whether the proposed settlement of the claims in the Action for the sum of $52,500,000 in cash should be approved by the Court as fair, reasonable and adequate; (2) whether, thereafter, the Action should be dismissed with prejudice pursuant to the terms and conditions of the settlement; (3) whether the plan for distributing the proceeds of the settlement should be approved; and (4) whether the application of Lead Counsel for the payment of attorneys' fees and reimbursement of expenses incurred in connection with the Action should be approved.

If you acquired Champion Income Fund shares between January 1, 2006 through December 31, 2008, inclusive, your rights may be affected by the settlement of this Action.  If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action, you may obtain a copy by writing to Oppenheimer Champion Income Securities Litigation, Claims Administrator, P.O. Box 2838, Portland, OR 97208-2838.  The notice contains additional important information.

Any objection to the settlement must be postmarked no later than August 31, 2011 and mailed to: (1) Clerk of the Court, Alfred A. Arraj United States Courthouse, Room A105, 901 19th Street, Denver, CO 80294-3589; (2) Lead Counsel for Plaintiffs, Jonathan M. Plasse, Labaton Sucharow LLP, 140 Broadway, New York, NY 10005; and (3) Counsel for Defendants, William K. Dodds, Dechert LLP, 1095 Avenue of the Americas, New York, NY 10036 and  Peter G. Rush, K&L Gates LLP, 70 W. Madison Street, Suite 3100, Chicago, IL 60602.

Any request for exclusion from the Class must be postmarked no later than August 31, 2011 and mailed to: Oppenheimer Champion Income Securities Litigation, Exclusions, Claims Administrator, P.O. Box 2838, Portland, OR 97208-2838.

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.  If you have any questions about the settlement, you may contact Lead Counsel for Plaintiffs at the address listed above or the Claims Administrator at the toll free number: 1-877-846-9918 or via email at [email protected] or visit www.OppenheimerChampionSettlement.com for more information.

DATED:  July 26, 2011

BY ORDER OF THE COURT UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLORADO

SOURCE United States District Court for the District of Colorado

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