Daily Management Review

Lloyds settles $129 billion lawsuit with Standard Life Aberdeen Plc


Lloyds Banking Group has settled a lawsuit by paying 140 million pounds to Standard Life Aberdeen Plc.

On Wednesday, Standard Life Aberdeen Plc said in a statement that it will receive 140 million pounds in compensation from Lloyds Banking Group.
As part of the settlement deal, SLA will continue to manage 35 billion pounds of assets, which amounts to about one third of the 100 billion pounds of assets under management, on behalf of Lloyds entities until at least April 2022.
This agreement is subject to applicable investment management arrangements, said SLA in a statement.
The 140 million pounds paid by Lloyds upfront is to compensate SLA for loss of profit in relation to its transferral of the remaining assets.