Old Mutual says Skandia dispute settled
LONDON (Reuters) - London-listed life assurer Old Mutual (OML.L) said its Swedish subsidiary, Skandia AB, has been ordered to pay 47 million pounds to settle a dispute over the sale of Skandia's asset management arm in 2002.
The payment will be largely met through 41 million pounds that Old Mutual set aside prior to acquiring Skandia in 2006.
"We are pleased with the outcome of the ruling. We can now put this behind us and continue to focus on achieving our strategic aims for the Swedish business," Old Mutual Chief Executive Julian Roberts said in a statement.
Skandia AB's mutually-run life insurance arm, Skandia Liv, had claimed part of the proceeds of the disposal of Skandia's asset management division, which managed Skandia Liv's assets.
(Reporting by Myles Neligan; Editing by Mike Nesbit)
© Thomson Reuters 2009 All rights reserved.
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