The state of Maine has reached a settlement with OppenheimerFunds Inc., over losses in some of the funds that make up Maine's state-sponsored NextGen College Investing Plan.
The settlement announced Monday ends an investigation requested by the Finance Authority of Maine, which administers the NextGen program.
The settlement divides more than $6 million among certain account holders based on their exposure to Oppenheimer Core Bond Fund from Jan. 1, 2008 through March 31, 2009. State officials say a relatively small amount of the NextGen investments was invested in that fund.
The finance authority terminated all OppenheimerFunds portfolios in NextGen in July 2009.
Officials say the settlement is similar to those reached by other states.
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