Standard Life Aberdeen has said a tribunal has ruled that Lloyds Banking Group did not have the right to end a mammoth £100 billion contract with the asset manager.
It said the tribunal found in its favour that Lloyds was not entitled to give notice to terminate the investment management agreements between the two firms.
Keith Skeoch, chief executive of Standard Life Aberdeen (SLA), said: "Now that the arbitration panel has ruled in our favour, we will carefully consider our next steps, working constructively with LBG (Lloyds) to bring the matter to resolution."
SLA added that, in the meantime, it will continue to manage the assets "in the best interests" of Lloyds customers.
Shares in SLA rose three per cent after the announcement.
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A spokesman for Lloyds Bank-owned Scottish Widows said: "We are disappointed with the decision of the arbitration tribunal, and will look to discuss its outcome with Standard Life Aberdeen."
He added: "We will discuss starting the process of an orderly transfer of assets to our new partners, BlackRock and Schroders.
"We will continue to work closely with Standard Life Aberdeen to ensure there is no disruption to performance or service."
Ocado has reported revenue growth of 11.2 per cent to £404 million in the first quarter, slowed by the fire at its Andover facility.
The company said the impact of the incident was equivalent to 1.2% of sales.
In the 13 weeks to March 3, the online grocer saw an increase of 11.3% in average orders per week to 314,000, while the average order size remained just above £110.
Chief executive Tim Steiner said: "Over the last few weeks, our teams have been working hard to minimise any disruption to our customers and we will build a state-of-the-art replacement facility that reflects all the innovations and improvements we have made since Andover opened in November 2016."
Construction firm Kier Group has confirmed the appointment of Andrew Davies as chief executive to replace former head Haydn Mursell.
Mr Davies was due to take on the top job at failed outsourcer Carillion, but the group went bust before he could take on the role.
He starts in the post at Kier on April 15.
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