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Oregon sues financial company over losses in college savings plan

Montgomery Advertiser – State offi­cials are seeking $36.2 million in damages from Oppenheimer­Funds Inc., which managed a fund responsible for steep losses in the Oregon College Savings Plan.

Officials said in a statement Monday that risky, "hedge-fund like" investments cost the Op­penheimer Core Bond Fund 36 percent of its value last year — and 10 percent more so far this year.Meanwhile, comparable funds in a benchmark index posted a gain of about 5 percent for 2008, they said.

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