January 26, 2011 - The Court of Appeals agreed with the court's ruling. The case was dismissed.

October 28, 2010 - A notice of appeal was filed.

September 29, 2010 - The court granted the defendants' motion to dismiss.

September 10,2009 - A motion to dismiss the second amended consolidated complaint was filed.

July 10, 2009 - A second amended consolidated complaint was filed.

April 10, 2009 - An amended consolidated complaint was filed.

May 12, 2008 - Another investor filed a complaint. April 11, 2008 - An investor in auction rate securities of Oppenheimer Holdings Inc (NYSE: OPY) filed a a lawsuit in the U.S. District Court for the Southern District of New York against Oppenheimer Holdings Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 9, 2003 and February 13, 2008.

The complaint alleges that Oppenheimer Holdings Inc violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by deceiving investors about the investment characteristics of auction rate securities and the auction market in which these securities traded. The complaint alleges that Oppenheimer Holdings Inc offered and sold auction rate securities to the public as highly liquid cash-management vehicles and as suitable alternatives to money market mutual funds.

According to the complaint, holders of auction rate securities sold by Oppenheimer Holdings Inc and other broker-dealers have been unable to liquidate their positions in these securities following the decision on February 13, 2008 of all major broker-dealers including Oppenheimer Holdings Inc to “withdraw their support” for the periodic auctions at which the interest rates paid on auction rate securities are set.

The complaint further alleges that Oppenheimer Holdings Inc failed to disclose the following material facts about the auction rate securities it sold to investors: (1) the auction rate securities were not cash alternatives, like money market funds, but were, instead, complex long-term financial instruments with 30 year maturity dates, or longer; (2) the auction rate securities were only liquid at the time of sale because Oppenheimer Holdings Inc and other broker-dealers were artificially supporting and manipulating the auction rate market to maintain the appearance of liquidity and stability; (3) Oppenheimer Holdings Inc and other broker-dealers routinely intervened in auctions for their own benefit, to set rates and prevent all-hold auctions and failed auctions; and (4) Oppenheimer Holdings Inc continued to market auction rate securities as liquid investments after it had determined that it and other broker-dealers were likely to withdraw their support for the periodic auctions and that a “freeze” of the market for auction rate securities would result.