28 March 2003
The London Borough of Southwark has dropped a legal action against Merrill Lynch Investment Managers over the performance of its £400m pension fund. The council confirmed on March 25 that it had withdrawn the claim, but declined to say why, or to give details of its reason for issuing proceedings.
A Merrill Lynch spokesman confirmed the action had been dropped, and said its launch had been a 'complete surprise'.
He was not aware of any live legal action by other councils concerning MLIM's management of pension funds, he said.
Surrey County Council was reported last autumn to be contemplating action, but said this week that no claim was in progress.
PFmar2003
