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PHOTO FILE: The offices of Standard Life Aberdeen at Saint Andrew Square Edinburgh, Scotland, Great Britain, February 15, 2019.REUTERS / Russell Cheyne / File Photo
LONDON (Reuters) – Standard Life, Aberdeen, said on Tuesday that a court ruled in his favor about a dispute over an investment contract with the Lloyds banking group.
The court ruled that the bank was not entitled to give notice of termination of investment management contracts for approximately 100 billion pounds ($ 132.61 billion) of badets managed by Standard Life in Aberdeen.
Lloyds had argued that a £ 11 billion merger between the Standard Life fund companies and Aberdeen had given the right to revise an agreement entered into in 2014 so that Aberdeen manages its retirement badets for the account. of its wealth management and insurance activities, because "material competitor" to both.
Standard Life Aberdeen stated that it was reviewing the terms of the decision and the appropriate next steps.
Reporting by Sinead Cruise, edited by Huw Jones
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