The consumer giant’s pension fund managers alleged that MLIM was negligent in the management of the group’s £1 billion mandate. USF further charges that the asset management group failed to implement the proper risk controls or provide downside protection.
USF is seeking £130 in damages.
In previous attempts at settlement, the two sides remained several millions pounds apart – from as low as £25 million from Merrill’s side to Unilever’s initial figure of £60 million, according to the WSJ’s sources.
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