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Article: OPPENHEIMERFUNDS ORDERED TO DEFEND COLLEGE SAVINGS PLAN LAWSUIT IN OREGON STATE COURT

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US Fed News Service, Including US State News
Article date:
August 18, 2009
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EUGENE, Ore., Aug. 17 -- The Oregon State Treasurer issued the following news release:

Investment firm OppenheimerFunds Inc. has failed in its attempt to avoid the jurisdiction of Oregon state court after a ruling by US District Court Judge Michael Hogan.

In an unsuccessful effort to preempt Oregon state law and its courts, OppenheimerFunds sought to have the federal courts take control of litigation filed by Oregon State Treasurer Ben Westlund and Attorney General John Kroger against OppenheimerFunds for breaches of fiduciary duties and contract, as well as numerous securities law violations. The lawsuit, filed on behalf of the Oregon 529 College Savings Network, seeks at least $36.2 ...

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