Pension scheme trustees and their advisors have an active role to play in monitoring the risks in their portfolios, the defence for Merrill Lynch Investment Managers (MLIM) has argued 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 it between January 1, 1997 and March 31, 1998. MLIM contests the claim.