Oppenheimer Asserts Claim

                          Oppenheimer Asserts Claim

PR Newswire

NEW YORK, March 15, 2013


NEW YORK, March 15, 2013 /PRNewswire/ - Oppenheimer Holdings Inc. and  several 
of its affiliates  (Oppenheimer) today  announced the  filing of  a breach  of 
contract action against Canadian Imperial Bank of Commerce and several of  its 
affiliates (CIBC) in state court  in New York City.  The action was filed  in 
connection with  a sale  of the  business and  related assets  of CIBC's  U.S. 
capital markets business to Oppenheimer in January 2008.

As part of the transaction, the parties provided for a deferred purchase price
based on an agreed  formula or a  minimum payment of  $25 million. The  agreed 
upon formula did not  result in any additional  payments and thus the  minimum 
payment amount of  $25 million  is in  dispute as a  result of  the breach  of 
contact. Oppenheimer has deposited the  $25 million minimum payment in  escrow 
pending the  outcome of  the legal  proceedings. The  deferred purchase  price 
amount would have been otherwise  due in April 2013  absent the breach of  the 
agreements governing the sale of the  business asserted by Oppenheimer in  its 
complaint. The expense related to the  deferred purchase price was charged  to 
earnings by Oppenheimer over the life  of the agreement and was fully  accrued 
at the end of December 2012.

                             Company Information

Oppenheimer, through its  principal subsidiaries,  Oppenheimer &  Co. Inc.  (a 
U.S. broker-dealer) and Oppenheimer Asset Management Inc., offers a wide range
of investment banking, securities, investment management and wealth management
services from 94 offices  in 26 states and  through local broker-dealers in  4 
foreign jurisdictions.  Oppenheimer employs  over 3,500  people. The  Company 
offers trust and estate services through Oppenheimer Trust Company. OPY Credit
Corp. offers  syndication  as  well  as trading  of  issued  corporate  loans. 
Oppenheimer Multifamily  Housing  & Healthcare  Finance,  Inc. is  engaged  in 
mortgage brokerage and  servicing. In addition,  through Freedom  Investments, 
Inc. and  the  BUYandHOLD  division  of  Freedom,  Oppenheimer  offers  online 
discount brokerage and dollar-based investing services.

SOURCE Oppenheimer Holdings Inc.


Brian Maddox 212 850-5661
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