Illinois BRIGHT START College Savings Plan Investor Investigation

Feb. 23, 2009 - PRLog -- According to a press release an investigation on behalf of participants in the Illinois BRIGHT START College Savings Plan concerning possible breaches of fiduciary duty by the OppenheimerFunds, Inc., OppenheimerFunds Private Investments, Inc., and OppenheimerFunds Distributor, Inc. was announced.

If you are a participant in the Illinois BRIGHT START College Savings Plan, you have certain options and you should contact the Shareholders Foundation, Inc. immediately!

Email: Mail@ShareholdersFoundation.com
or Call us
Phone: +1-(858)-779-1554

According to the press release the investigation by a law firm focuses on financial losses suffered by participants in the Illinois BRIGHT START College Savings Plan, which was managed by OppenheimerFunds, Inc., OppenheimerFunds Private Investments, Inc., and OppenheimerFunds Distributor, Inc and invested heavily in leveraged and risky Oppenheimer "fixed income" funds.
The investigation of the law firm indicates that Oppenheimer Funds, Inc., Oppenheimer Funds Private Investments, Inc., and Oppenheimer Funds Distributor, Inc deviated significantly from its chosen benchmarks, investing styles, and risk profiles, with no offsetting returns. Among other misconduct, so the investigation, OppenheimerFunds, Inc., OppenheimerFunds Private Investments, Inc., and OppenheimerFunds Distributor, Inc made increasingly large bets on mortgage-backed securities and engaged in excessive leverage in its supposedly fixed income funds and this  caused millions of dollars in losses. As one analyst noted: "It's unacceptable that (Oppenheimer) hasn't more clearly communicated the fund's exposure to various sectors and risks in shareholder reports and web commentary."

If you are a participant in the Illinois BRIGHT START College Savings Plan, you have certain options and you should contact the Shareholders Foundation, Inc. immediately!

Email: Mail@ShareholdersFoundation.com
or Call us
Phone: +1-(858)-779-1554

or send us your information by mail / facsimile:


Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-779-1554
Fax:+1-(858)-605-5739
mail@shareholdersfoundation.com
www.ShareholdersFoundation.com
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Advertising. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Any statements made in press releases, emails or over the phone by any member or personnel employed by Shareholders Foundation, Inc. or by third parties related to the Shareholders Foundation, Inc. is provided for research and guidance purposes only and are not legal advices. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.