Almost 30,000 investors in funds run by Phoenix Kapitaldienst, a German managed futures hedge fund that in 2005 became one of Germany's largest frauds, are set to recover a substantial share of their €700m ($950m) investment.

Schultze & Braun, the German law firm handling the insolvency, said the majority of Phoenix's creditors had accepted a plan that would allow €230m to be distributed to investors. The German Securities Trading Companies Compensation Fund will pay up to 90% of the difference between each claim and the amount paid out of the insolvency, up to a maximum of €20,000 per investor.