Following a three-month investigation, the state of Oregon is seeking $36.2 million in damages from OppenheimerFunds due to steep losses in one of its funds included in the state’s 529 college savings plan; the Oppenheimer Core Bond Fund fell 36% in value last year, and is down another 10% year-to-date.

By comparison, the fund’s benchmark rose 5% in 2008, according to state officials, who not only called the portfolio manager’s investment choices inappropriate but “hedge-fund like.”

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