An investor filed suit on Tuesday in a Manhattan federal court alleging that OppeheimerFunds used its funds' assets to pay for distribution of its funds, reported Dow Jones on Wednesday.

OppenheimerFunds allegedly used fund assets to incent brokers to sell its funds over other mutual funds.

The investor seeks an unspecified amount of money in damages as well as class-action status for investors who bought the funds from August 31, 1999 to March 22, 2004. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE