The San Diego County Employees Retirement Association has recovered just over a quarter of its original investment in collapsed hedge fund Amaranth Advisors. The pension plan recently threatened legal action against the fund over its losses.

The San Diego pension plan has so far recovered $48m (€37m) of its $175m investment in Amaranth, a Connecticut-based hedge fund which lost $6bn, or two-thirds of its assets, last year after making bets on natural gas prices.