A New York firm steps in to run the struggling Oregon College Savings Plan.
New York's TIAA-CREF were chosen to manage the savings plan, formerly run by OppenheimerFunds, after a tough year of losses that resulted in a state lawsuit.
State officials Thursday picked TIAA-CREF, which manages plans in eight states, over the other finalist, Upromise Investments, to administer the plan. Nearly 120,000 people are saving for college in Oregon's network of plans that offer tax benefits.
The state is suing OppenheimerFunds to try to recover at least $36 million that Attorney General John Kroger says investors lost when the firm misrepresented its investment strategy as more conservative than it really was.
Read the full story at OregonLive.com.