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Agreement Reached After IL College Fund Loses Money
CHICAGO (AP) -- Illinois' attorney general and state treasurer say they've reached an agreement with OppenheimerFunds Inc. to reimburse losses to about 65,000 college savings program account holders.

Officials announced Tuesday that Oppenheimer has agreed to pay Illinois more than $77 million, which the state says it will distribute to eligible Bright Start account holders. The agreement comes after the Illinois attorney general's office investigated one of Oppenheimer's funds.

The treasurer's office says account holders lost about $150 million from Jan. 1, 2008, through Jan. 25, 2009.

Illinois Attorney General Lisa Madigan says "Illinois families invested in this fund will be able to recover substantial losses in their college savings accounts in a timely manner."

(Copyright 2009 by The Associated Press. All Rights Reserved.)
12 22 09 by Newsroom
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