San Diego fund sues Amaranth.(At Deadline)(San Diego County Employees Retirement Association files securities fraud suit against Amaranth Advisors L.L.C.)(Fidelity Investments to terminate defined benefit plan)(House Committee on Financial Services approves executive compensation bill)

Pensions & Investments, April, 2007

San Diego fund sues Amaranth San Diego County Employees Retirement Association filed a federal securities fraud suit against Amaranth Advisors, three of its officers and its former natural gas trader. The lawsuit, filed March 29 in U.S. District Court in Manhattan, seeks to recover losses the $8 billion system sustained "as a result of excessive and unbridled speculation in natural gas futures that was directly contrary to statements made to SDCERA,'' according to a news release from the county plan.

The system wants to recover losses including its $126.8 million investment in the Amaranth Partners hedge fund, according to Johanna Shick, system spokeswoman. In January, the fund received $48.2 million of the $175 million it had invested in 2005, according to...

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