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OppenheimerFunds and Illinois settle for $77 million
(December 22, 2009) - OppenheimerFunds has agreed to reimburse participants in Illinois' Bright Start 529 college savings programs $77 million for losses incurred in the program. The settlement funds will be spread among participants who had accounts at least partially invested in the OppenheimerFunds Core Bond Fund during 2008.
Additional information is contained in the press release from OppenheimerFunds.