A group of investors is seeking to recoup hedge fund over losses tied to the credit crisis as industry associations hammer out proposals for greater transparency.

The complaint, filed last month with the American Arbitration Association, alleged that Sample & Cross Capital Management misled investors about the level of risk associated with its options investments. It contends that Sample & Cross' Vega Opportunity Fund lost 75% of its value on August 14 in the midst of the credit crunch. Total investor losses could add up to $100m (€68.1m).