Ronald Fielding’s Oppenheimer California Municipal Fund was sued by investors claiming they were misled about the risks the fund took when it lost 41 percent of its value last year.
The fund violated securities laws with documents saying its objective is to preserve capital and seek income, according to a news release distributed yesterday by San Francisco-based Sparer Law Group. The firm represents a plaintiff in the suit, which was filed in federal court in San Francisco Feb. 4.
Fielding, the top fund manager in the municipal bond market for four years by betting on tobacco and airline bonds, was the worst in 2008 as prices fell amid the global credit crisis. From 2003 to 2006, his funds generated average returns of 11.6 percent. Last year, the market’s biggest loser was his Oppenheimer Rochester National Municipals Fund.
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