State of Oregon Sues OppenheimerFunds

New York Times Blogs – Officials in Oregon are seeking $36.2 million in damages from OppenheimerFunds, which managed an account responsible for steep losses in the state’s college savings plan.

Officials said in a statement on 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.

Comparable funds in a benchmark index posted a gain of about 5 percent for 2008, they said.

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