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Merrill Settles Pension Dispute By:
The associated press
LONDON (AP) -- Merrill Lynch has reached an out-of-court settlement with retailer J Sainsbury PLC, which claimed that its pension fund had underperformed the market, the companies said Tuesday. Merrill Lynch, which manages part of Sainsbury's 2.4 billion pound ($3.7 billion) pension fund, has paid the supermarket chain an undisclosed sum without admitting any liability. ``The matter dates back some six years and it is time to move on. There is no basis for other claims, but if one were to arise it would be vigorously contested,'' Merrill Lynch said. Sainsbury refused to give details, but it was understood to have been unhappy with its fund's performance in the late 1990s. In spite of the dispute, Sainsbury said Merrill Lynch would continue to manage some of its pension business. ``J Sainsbury and Merrill Lynch Investment Managers, based on their long-standing business relationship, have resolved all past issues on an amicable basis,'' Sainsbury said. Merrill Lynch reached a similar out-of-court settlement in December
with consumer goods group Unilever PLC, which claimed its pension funds
had lost 130 million pounds ($200 million) through mismanagement. Terms of
that earlier settlement were not disclosed. FAIR USE NOTICE: This page contains copyrighted material the use of which has not been specifically authorized by the copyright owner. Global Action on Aging distributes this material without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. We believe this constitutes a fair use of any such copyrighted material as provided for in 17 U.S.C § 107. If you wish to use copyrighted material from this site for purposes of your own that go beyond fair use, you must obtain permission from the copyright owner.
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