Trustees of the £2.4bn (US$3.47bn) pension fund of UK supermarket giant Sainsbury’s have met this week to mull the possibility of legal action against Merrill Lynch Investment Managers (MLIM) on grounds of mismanagement of its funds and their subsequent under-performance.
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The decision comes directly after the lucrative out-of-court settlement picked up by Anglo/Dutch consumer products giant Unilever last week on the back of similar claims. Sainsbury#;s told the Financial Times that its trustees were continuing “to review the similarities” between their case and Unilever’s.
The group stressed, however, that no decision has yet been reached and the trustees are not due to meet again until February.
To read this week#;s feature on the Unilever/MLIM court case, click here.
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