Wednesday, 20 August 2014
Last updated 25 min 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.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note