Brockton Retirement Board v. Oppenheimer Global Resource Private Equity Fund I, LP

2013 WL 753310 (2013)

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Brockton Retirement Board v. Oppenheimer Global Resource Private Equity Fund I, LP

United States District Court for the District of Massachusetts
2013 WL 753310 (2013)

  • Written by Robert Cane, JD

Facts

The Brockton Retirement Board and the Quincy Retirement Board (collectively, the retirement boards) (plaintiffs) invested money in the Oppenheimer Global Resource Equity Fund I, LP (Oppenheimer Fund) (defendant), a private-equity fund. To invest in the Oppenheimer Fund, the retirement boards purchased limited-partnership units that were sold through private placements, or private offerings. The retirement boards sued the Oppenheimer Fund under § 12(a)(2) of the Securities Act of 1933, alleging that the Oppenheimer Fund inflated numbers to mislead investors into believing the fund was making a profit despite that it was actually operating at a loss. The Oppenheimer Fund filed a motion to dismiss, arguing that § 12(a)(2) did not apply because the retirement boards invested in the fund through private offerings.

Rule of Law

Issue

Holding and Reasoning (Zobel, J.)

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