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Merrill Lynch On Trial For Trailing Market Performance Returns
Unilever's pension fund is putting on its case at trial against Merrill Lynch, alleging that the brokerage firm was negligent in: 1) not implementing proper risk controls; 2) inadequately diversifying; and 3) failing to provide downside protection.
The pension did not lose money; instead, it failed to keep up with a benchmark of market indexes during a bull market. The suit seeks $185 million. The trial is expected to be completed in December and a decision issued shortly thereafter.
Source: Wall Street Journal, December 3, 2001
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