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Lloyds and Standard Life Aberdeen to settle 100 billion sterling funds row - Sky News

Lloyds and Standard Life Aberdeen to settle 100 billion sterling funds row - Sky News
FILE PHOTO: Signs are seen outside a branch of Lloyds Bank in central London October 28, 2014. REUTERS/Andrew Winning -
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Andrew Winning(Reuters)
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(Reuters) – Lloyds Banking‎ Group PLC <LLOY.L> will pay about 140 million pounds to Standard Life Aberdeen PLC (SLA) <SLA.L> to settle a legal fight over the future of a 100 billion pound asset management mandate, Sky news reported on Monday.

The settlement will involve Lloyds paying about 140 million pounds in cash and SLA will retain the management of roughly 30 billion pounds of assets as part of the settlement, the broadcaster said citing sources.

A further review of the stewardship of those funds would take place in 2022, Sky News added.

The settlement is expected to be finalised later this week, Sky News said.

Lloyds and SLA both declined to comment on the report.

(Reporting by Rishika Chatterjee in Bengaluru, editing by Deepa Babington)

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