OppenheimerFunds has settled another state’s charges that it ran an allegedly conservative college savings vehicle like a hedge fund.
The New York-based unit of MassMutual agreed to pay $77.2 million to Illinois families who lost money on its Core Plus Fixed Income Strategy, which was offered through Illinois’ 529 college savings program. OppenheimerFunds has already settled similar cases with New Mexico and Oregon; it remains in talks with officials in Maine, Nebraska and Texas.
