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Merrill Lynch to Pay Unilever $105 Million For Underperforming Market Performance Returns
Merrill Lynch will pay $105 million to settle litigation involving its alleged failure to monitor risk for Unilever's pension fund. The pension did not lose money; instead, it failed to keep up with a benchmark of market indexes during a bull market. The suit sought $185 million.
Specifically, Unilever's pension fund had sued 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.
Source: Wall Street Journal, December 6, 2001
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