SEATTLE, Jan. 30, 2009 (GLOBE NEWSWIRE) -- Attorney Advertising. Keller Rohrback L.L.P. (www.krclassaction.com) today announced that it is investigating OppenheimerFunds, Inc. and OppenheimerFunds Distributor, Inc. (collectively, "Oppenheimer") for breaches of fiduciary duty. The investigation focuses on financial losses suffered by 529 College Savings Plans that invested in the Oppenheimer Core Bond Fund (the "Bond Fund") and/or the Oppenheimer Champion Income Fund (the "Income Fund"). The Bond Fund reportedly lost 38 percent of its value in 2008 while the Income Fund was down nearly 80 percent during that same time period.
Our investigation to date indicates that Oppenheimer breached its fiduciary duties to the account owners and account beneficiaries of several State-sponsored college saving plans (commonly known as 529 plans) in Oregon, Texas, Maine, New Mexico, and Illinois.
* In Oregon, the affected 529 plan is known as the Oregon College
Savings Plan.
* In Texas, the affected 529 plans are known as the Lonestar 529
Plan and the Texas College Savings Plan.
* In Maine, the affected 529 plan is known as the NextGen College
Investing Plan.
* In New Mexico, the affected 529 plans are known as Scholar'sEdge
and The Education Plan's College Savings Program.
* In Illinois, the affected 529 plan is known as Bright Start
College Savings Program.
If you are an investor in one of the 529 College Savings Plans mentioned above, or have invested in another 529 College Savings Plan, and had assets of your 529 account invested in the Oppenheimer Core Bond Fund or the Oppenheimer Champion Income Fund, you may contact paralegal Jennifer Tuato'o or attorneys David Copley, Derek Loeser, or Lynn Sarko toll free at (800) 776-6044, or via e-mail at investor@kellerrohrback.com.
Keller Rohrback is one of America's leading class action firms handling cases for over two decades. We are committed to helping investors recover losses due to breaches of fiduciary duty. Keller Rohrback serves as lead and co-lead counsel in numerous class action cases, including cases against some of the biggest and most powerful corporations in the world. Keller Rohrback's trial lawyers have obtained judgments and settlements on behalf of clients in excess of seven billion dollars.
Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.