The Guardian reports that a British staff pension fund is considering suing Merrill Lynch and claims that the firm mismanaged its assets, which it says underperformed the market during Merrill's time at the helm.
Surrey County Council is now believed to have hired lawyers to establish whether it has a case. Merrill Lynch Investment Managers managed the £300m staff pension fund until it was dismissed in 1998.
Since the firm agreed to settle with Unilever over similar claims, it has always faced the prospect of copycat actions. The fund manager recently settled with the J Sainsbury pension fund and also faces possible legal action from the Co-operative Group and AstraZeneca.