Oppenheimer Funds Savings Lawsuit
Oregon Attorney General John Kroger along with Treasurer Ben Westlund has taken action on behalf of the people of Oregon by filing a lawsuit in hopes of recovering investment losses in the Oppenheimer Funds 529 as well as Oregon College Savings plans. The $36.2 million lawsuit filed on Monday names : Oppenheimer Funds ,
Oppenheimer Funds Distributor Inc and OFI Private Investments Inc.
The lawsuit filed by the attorney general states that Oppenheimer misrepresented their investment strategies as conservative when they were actually directing the investors money into the much more agressive and risky hedge fund type investments.
The Oppenheimer Core Bond Fund suffered a 36 percent loss of value last year.