Friday, 31 October 2014
Last updated 14 hours ago
Nov 23 2009 | 6:11am ET
Accused of running a hedge fund instead of the promised “conservative” strategy, OppenheimerFunds has settled a lawsuit filed by Oregon.
The MassMutual division agreed to pay $20 million to settle a $36 million claim against it. Oregon alleged that Oppenheimer, which it had contracted to run its 529 college savings program, advertised the plan as conservative, but then put the money into risky and speculative investments. Eight of Oregon’s 15 college investment portfolios suffered losses in Oppenheimer’s Core Bond Fund.
The $20 million in settlement money will be distributed to 529 plan participants.
Oppenheimer did not admit any wrongdoing as part of the settlement.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.