Merrill Lynch Investment Managers today agreed to settle a suit brought by the £2 billion ($3.2 billion) Co-Operative Group Pension Fund, London, over investment decisions made by MLIM predecessor Mercury Asset Management in the 1990s. Terms were not disclosed. Merrill Lynch spokesman Nigel Webb said the issue had been resolved "amicably and Co-Operative Group had resumed its business with MLIM.
Merrill Lynch has settled similar cases with two other pension schemes: the £4.2 billion Unilever Pension Fund, and the £2.6 J Sainsbury PLC Pension Fund, both of London. Merrill Lynch reportedly paid Unilever £75 million in a settlement.