OppenheimerFunds Settles Ore. 529 Suit For $20M

Law360, New York (November 20, 2009, 3:29 PM EST) -- OppenheimerFunds Inc. has said it will pay $20 million to settle a lawsuit by the state of Oregon, which claimed that the fund’s supposedly conservative 529 program actually made aggressive, risky investments that lost parents money they had been saving to pay for college for their children.

Oppenheimer approved and announced the deal on Thursday that would end Oregon Attorney General John Kroger’s allegations of breach of contract and fiduciary duty, violation of state securities laws, negligence and negligent misrepresentation.

The agreement would allow state officials...
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