Lloyds Banking‎ Group is to pay about £140 million to Standard Life Aberdeen to settle a legal fight over the future of a £100 billion asset management mandate, according to a Sky News report.

The settlement will involve Lloyds Banking‎ Group paying about £140 million in cash and Standard Life Aberdeen will retain the management of about £30 billion of the disputed £100 billion of assets, the report claimed.

The settlement is expected to be finalised later this week, Sky News said. 

Lloyds Banking‎ Group and Standard Life Aberdeen both declined to comment on the report.