Oregon Sues Fund Manager Over College Savings Losses

April 14, 2009

Oregon's government on Monday sued the manager of the state's college savings plan, saying the company's risky investments were negligent and breached their contract together, Reuters reported. Like many such funds, Oregon's College Savings Plan, into which parents and others invest (with tax incentives) to save for college, has taken a beating in the stock market. But Oregon charges in its lawsuit that OppenheimerFunds Inc. engaged in "hedge-fund like" investments that were particularly risky, and seeks to recoup $36 million in losses. Company officials said they were disappointed by the state's action.

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