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OppenheimerFunds Inc. has beaten back a $767 million fraud and breach of contract case over an arbitrage system it oversaw for big banks. Manhattan Supreme Court Justice Charles Ramos, in TSL v. OppenheimerFunds, 600976/10, on April 10 dismissed claims by a trio of banks—Bank of Nova Scotia, HSBC and National Australia Bank—alleging that Oppenheimer induced them to fund an arbitrage system known as AAArdvark Funding Limited IV. Ramos concluded that the banks could not point to any actual monetary injury.

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