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Standard Life Aberdeen wins arbitration ruling in dispute with Lloyds Bank

Tuesday, 19th March 2019
Wealth manager Standard Life Aberdeen said an arbitral tribunal dealing with a dispute with Lloyds Banking Group had ruled in its favour.

The tribunal had ruled that Llloyds was not entitled to give notice, on 14 February 2018, to terminate an investment management agreements in respect of assets managed by members of Standard Life Aberdeen.

'The company is carefully considering the terms of the decision and appropriate next steps,' Standard Life Aberdeen said.

'In the meantime, the company will continue to manage the assets in the best interests of Lloyds Banking Group's customers.'

As at 31 December, the value of the assets under management in respect of the arrangements was around £100bn, and no material amount of assets had since been withdrawn.

'Now that the arbitration panel has ruled in our favour, we will carefully consider our next steps, working constructively with Lloyds to bring the matter to resolution,' chief executive Keith Skeoch said.




Story provided by StockMarketWire.com

Related Shares: Lloyds Grp., Std Life Aber

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