LONDON (Reuters) – Standard Life (LON:) Aberdeen said on Tuesday that a tribunal has ruled in its favor regarding a dispute over an investment contract it had with Lloyds Banking Group (LON:)
The tribunal ruled that the bank was not entitled to give notice to terminate the investment management agreements in respect of around 100 billion pounds ($132.61 billion) in assets managed by Standard Life Aberdeen.
Lloyds had argued that an 11 billion pound merger between fund firms Standard Life and Aberdeen triggered the right to review an agreement struck in 2014 for Aberdeen to manage its pension assets on behalf of its wealth and insurance businesses, because it saw Standard Life as a “material competitor” to both.
Standard Life Aberdeen said it was considering the terms of the decision and appropriate next steps.
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