Ore. AG Sues OppenheimerFunds Over $36.2M Loss

Law360, New York (April 14, 2009, 12:00 AM EDT) -- Oregon Attorney General John Kroger has sued OppenheimerFunds Inc. and two affiliates to recover at least $36.2 million that the investment manager allegedly lost in the state's college savings programs by making aggressive and risky investments.

Kroger and Oregon Treasurer Ben Westlund filed the suit Monday in the Circuit Court of the State of Oregon, alleging violations of Oregon securities law, breach of contract, breach of fiduciary duty, negligence and negligent misrepresentation in Oppenheimer's management of two plans under the Oregon 529 College Savings Network, which...
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