The California Public Employees' Retirement System, the largest US pension fund, has become the second to receive millions of dollars this year to settle a securities lawsuit against media conglomerate Time Warner.

Calpers has recovered $117.7m (€89m) in connection with a 2003 lawsuit alleged accounting irregularities over Time Warner's merger with internet company America Online in January 2001. There were subsequent federal investigations and the combined company later restated revenues by more than $1bn.