Oregon sues financial company over losses in college savings plan
Tuesday, April 14, 2009 : PermalinkMontgomery 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.
Tags: benchmark index, bond fund, cials, college savings plan, core bond, damages, investments, montgomery advertiser, Obama: Small Business Loans and Refinancing are Keys to Economic Recovery, oppenheimer, oregon college savings plan, plan officials, steep losses
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