Lloyds Bank is to pay Standard Life Aberdeen (SLA) around £140m in a settlement intended to end their long-running dispute over an asset management contract.
The two firms have been in contention over the future of a £100bn asset management mandate that SLA looked after for Lloyds for the past 18 months, after Lloyds terminated the contract.
However, a tribunal held in March ruled that Lloyds was not within its entitlement to end the contract.
As part of the agreement, SLA would retain control of £30bn of assets for three years and a receive a cash payment of £140m – less than originally anticipated – Sky News Reported.
Despite the news, insiders have cautioned that an agreement had yet to be formally reached, adding that it remained subject to change.
A further review of the stewardship of the funds will take place in 2022.
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