5 unchanged sentences
The Company is also involved, from time to time, in other reviews, investigations and proceedings (both formal and informal) by governmental and self-regulatory agencies regarding the Company's business, which may result in expenses, adverse judgments, settlements, fines, penalties, injunctions or other relief.
−Removed: The investigations include inquiries from the SEC, the Financial Industry Regulatory Authority ("FINRA") and various state regulators.
+Added: The investigations include inquiries from the SEC, FINRA and various state regulators.
The Company accrues for estimated loss contingencies related to legal and regulatory matters within Other Expenses in the consolidated income statement when available information indicates that it is probable a liability had been incurred and the Company can reasonably estimate the amount of that loss.
10 unchanged sentences
Accordingly, the Company's estimate will change from time to time, and actual losses may be more than the current estimate.
−Removed: Beginning on or about August 31, 2021, Oppenheimer was named as a respondent in forty-five arbitrations, many containing multiple claimants, each filed before FINRA, relating to those claimants’ purported investment in Horizon Private Equity, III, LLC (“Horizon”).
+Added: Beginning on or about August 31, 2021, Oppenheimer was named as a respondent in forty-seven arbitrations, many containing multiple claimants, each filed before FINRA, relating to those claimants’ purported investment in Horizon Private Equity, III, LLC (“Horizon”).
Horizon is alleged to be a fraudulent scheme involving, among others, a former Oppenheimer employee, John Woods.
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Claimants do not allege Oppenheimer received any of the funds invested in Horizon, but rather that Oppenheimer’s purported failure to properly supervise its employees allowed the alleged scheme to occur and continue.
−Removed: The fourteen arbitrations still pending that claim specific monetary damages and allege losses of approximately $13.9 million in the aggregate while a few others claim unspecified damages.
+Added: Oppenheimer has settled, or settled in principle, or an award has been rendered in thirty-six of the Horizon-related arbitrations, with approximately one hundred eighteen individual complainants.
+Added: The aggregate payments for those thirty-six arbitrations total approximately $82.4 million.
+Added: The eleven arbitrations still pending claim specific monetary damages and allege losses of
+Added: approximately $1.1 million in the aggregate while a few others claim unspecified damages.
Oppenheimer believes these claims to be without merit and intends to defend itself vigorously against these claims.
−Removed: Oppenheimer has settled, or settled in principle, or an award has been rendered in thirty-one of the Horizon-related arbitrations, with approximately one hundred eight individual complainants.
−Removed: The aggregate payments for those thirty-one arbitrations total approximately $78.5 million.
On June 16, 2023, Oppenheimer was served with a complaint in an action entitled John and Cynthia Kearney, John & Tera Sargent, Mike Hall, Individually and as Assignee of 6694 Dawson Blvd, LLC, Thomas and Beverly Crampton, Roy and Shirley
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Plaintiffs further allege that Oppenheimer, through its inaction and/or misconduct, is responsible for their alleged losses and are seeking unspecified damages sounding in violations of the Georgia RICO statute and negligence per se.
+Added: On September 5, 2023, Oppenheimer filed a motion to dismiss the complaint, which is pending before the court.
+Added: That same day, Oppenheimer also filed a motion to transfer the case to the Metro Atlanta Business Case Division, which motion was granted on September 25, 2023.
Oppenheimer believes these claims to be without merit and intends to defend itself vigorously against these claims.
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Plaintiffs further allege that Oppenheimer, through its inaction and/or misconduct, is responsible for their alleged losses and are seeking unspecified damages from Oppenheimer sounding in negligence per se , aiding and abetting breach of fiduciary duty, and aiding and abetting fraud.
+Added: On August 28, 2023, Oppenheimer filed a motion to dismiss the complaint, which is pending before the court.
+Added: Oppenheimer believes these claims to be without merit and intends to defend itself vigorously against these claims.
+Added: Finally, on August 25, 2023, Oppenheimer was served with a complaint in an action entitled Lisa Wright, Billy Ray Boaz, Sylvia Boyles, Donald and Gina Bryant, Alton Graviette, Gilbert and Felicia Hawks, Michael and Brenda Craig, Barbara and Russell Danley, Carolyn and Ronald Edwards, Pamela Goins, Amy Gordon, Susan Gregory, Timothy Hall, Ronald Jones, Douglas Lineberry, Marcia Martin, Bobby and Jo Simpson, Karen Stephens, Caroline Moser, Rebecca Tapp, Paul Vaughan, Brenda and Varner Vogler, and Peggie Thomas v.
+Added: Oppenheimer & Co.
+Added: Inc., Ann Greene and Gordon Morse , filed in Georgia State Court, Fulton County.
+Added: Plaintiffs allege that they were all investors in Horizon.
+Added: However, all of the plaintiffs allege that they invested in Horizon after John Woods left Oppenheimer’s employ in 2016 and virtually all of the plaintiffs were not Oppenheimer customers.
+Added: Plaintiffs further allege that Oppenheimer, through its inaction and/or misconduct, is responsible for their alleged losses and are seeking unspecified damages sounding in violations of the Georgia RICO statute and negligence per se.
+Added: On September 15, 2023, Oppenheimer filed a motion to transfer the case to the Metro Atlanta Business Case Division, which motion was granted on September 25, 2023.
+Added: Oppenheimer believes these claims to be without merit and intends to defend itself vigorously against these claims.
On June 30, 2022, the Company received a "Wells Notice" from the SEC requesting that Oppenheimer make a written submission to the SEC to explain why Oppenheimer should not be charged with violations of Section 15c2-12 of the Exchange Act, and Rule 15c2-12 thereunder as well as Municipal Securities Rulemaking Board Rules G-17 and G-27 in relation to its sales of municipal notes pursuant to an exemption from continuing disclosure contained in Rule 15c2-12.
2 unchanged sentences
The Company believes such claim to be without merit and intends to vigorously defend itself against such claim.
−Removed: During the three months ended June 30, 2023, there were no material changes to the information contained in Part I, Item 1A of the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 and Annual Report on Form 10-K for the year ended December 31, 2022.
+Added: During the three months ended September 30, 2023, there were no material changes to the information contained in Part I, Item 1A of the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 and Annual Report on Form 10-K for the year ended December 31, 2022.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.