Reuters: Regulatory News: OppenheimerFunds to pay $35.4 mln in settlement

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OppenheimerFunds to pay $35.4 mln in settlement Jun 6th 2012, 15:27 June 6 | Wed Jun 6, 2012 11:27am EDT June 6 (Reuters) - OppenheimerFunds agreed to pay $35.4 million to settle U.S. Securities and Exchange Commission charges that it misled investors about the safety of two bond mutual funds that suffered steep losses during the 2008 financial crisis, the agency said on Wednesday. The SEC said Oppenheimer used derivatives to add substantial commercial mortgage-backed securities to its Champion Income and Core Bond funds. It said that the prospectus for the Champion fund did not adequately disclose the fund's practices, and that Oppenheimer issued misleading statements about both funds' losses and recovery prospects. Oppenheimer did not admit or deny the SEC findings in agreeing to settle.

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