CHICAGO (AP) -- One fund in Illinois' college savings program lost $85 million last year, leading to a state investigation.
In a letter to account holders dated Wednesday, State Treasurer Alexi Giannoulias says he's working with the state attorney general's office to investigate the management of the Core Plus fund.
Giannoulias spokesman Scott Burnham says the treasurer intends to take "some kind of legal action" in the matter.
Giannoulias says Oppenheimer Funds, which managed Core Plus, intends to cooperate with any investigation.
Jerry Webman, a chief economist with Oppenheimer, says the firm did what it was supposed to do and blamed the losses on volatility in the government bonds and debt securities markets.
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