Monday, 22 September 2014
Last updated 7 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.