MLIM Settles Another UK Suit
The out of court settlement with British supermarket group J. Sainsbury Plc follows a landmark trial brought by Unilever last fall, which was settled for an undisclosed amount (see In Depth: Settlement in Unilever Case Leaves Many Wondering ).
The Sainsbury suit was reportedly based on similar grounds, poor performance at the 2.4 billion pound ($3.75 billion) pension fund. Sainsbury had been rumored to be considering such an action ever since the Unilever suit was made public. MLIM settled, without admitting liability in the Unilever suit.
Sainsbury and MLIM said yesterday that the firms had “resolved all past issues on an amicable basis”. No details were disclosed on a payout to the Sainsbury pension fund but it reportedly is already reflected in the earnings of MLIM’s investment bank parent, according to the Financial Times.
MLIM currently manages about 355 million pounds for the Sainsbury pension fund that will remain a client of the investment manager.
According to the FT, MLIM said it was “not aware of any basis for any further claim” against it.