Merrill Lynch Investment Managers' (MLIM) view on the risk of Unilever's portfolio, which it managed, was "not unreasonable" because Unilever's trustees and advisers shared the same view, according to Ian Glick, QC representing MLIM in the Unilever case.
The Unilever Superannuation Fund is suing MLIM, previously known as Mercury Asset Management, for £130m ($207.3m) for negligently taking too much risk when managing £1bn for Unilever between January 1, 1997 and March 31, 1998. MLIM is contesting the claim.
