Dear Friends,
One of my highest priorities as Attorney General is to aggressively pursue fraud that harms Oregonians. That is why I am pleased to announce that Oregon has reached a major $20 million settlement with OppenheimerFunds. We expect recovered funds to be deposited in investor’s accounts in early 2010.
As you may know, many Oregon families prudently invested in the Oregon College Savings Plan to help set aside money for their children’s education. The Oppenheimer Core Bond Fund, offered as part of the College Savings Plan, was supposed to be a "conservative" investment that would safely increase in value. Instead, the Core Bond Fund lost over 35% of its value last year. This was clearly an exceptional situation, as similar funds in the same investment class only lost an average of 5 percent in 2008.
Now, we are recovering $20 million of those losses.
Here are some of the facts:
I am very proud of our work to seek justice for Oregonians and their families. If you were affected by this case or have any questions about your account, please contact the Oregon College Savings Plan at 1-866-772-8464.
Sincerely,

John R. Kroger