Misleading mortgage-backed securities investments offered by Bear Stearns allegedly “directly smacked” the Oregon Public Employees’ Retirement Fund with more than $17 million in losses following the 2008 economic collapse, state officials said in a suit Monday.

In the Nov. 1 filing, Oregon Treasurer Ted Wheeler and Attorney General John Kroger explained in the new litigation that now defunct Bear Stearns, and a subsidiary Structured Asset Mortgage Investments II, Inc., caused “profound financial harm” to state assets with the bundled real estate obligations investment product.

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