Tribunal Rules in Favor of Standard Life Aberdeen in Lloyds Dispute
19 Março 2019 - 4:45AM
Dow Jones News
By Adam Clark
Standard Life Aberdeen PLC (SLA.LN) said Tuesday that a tribunal
has ruled Lloyds Banking Group PLC (LLOY.LN) didn't have the right
to end a 100 billion-pound ($133 billion) asset-management
agreement between the two companies.
Lloyds gave notice of the termination of the deal last February,
saying the merger of Standard Life and Aberdeen Asset Management
left the combined entity in competition with its Scottish Widows
business. Standard Life disputed the claim and the two parties
entered dispute resolution.
Standard Life Aberdeen said it is considering the terms of the
decision and its next steps, but will continue to manage the assets
in the meantime.
"Now that the arbitration panel has ruled in our favour, we will
carefully consider our next steps, working constructively with LBG
to bring the matter to resolution," Chief Executive Keith Skeoch
said.
Write to Adam Clark at adam.clark@dowjones.com;
@AdamDowJones
(END) Dow Jones Newswires
March 19, 2019 03:30 ET (07:30 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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