Standard Life gets $161 million boost as court case ends
LONDON (Reuters) - British life insurer Standard Life will receive a 100 million pound ($161 million) boost after insurers it defeated in a legal dispute decided not to contest the case any further.
The end of the court battle means Standard Life can release funds put aside pending a potential further appeal, it said on Monday.
Standard Life took legal action in October 2011 against a group of 11 insurers who had rejected a 100 million pound professional indemnity claim to cover the cost of topping up one of its pension funds.
Standard Life agreed in February 2009 to replenish the fund, which had fallen in value after the failure of Lehman Brothers five months earlier.
Britain's Commercial Court found in Standard Life's favor last year. An initial appeal by the group of insurers was rejected in December, leaving them with the option of appealing to the Supreme Court.
Standard Life shares closed little changed at 352.75 pence, valuing the company at about 8.3 billion pounds. The stock has risen 72 percent in the past year, outpacing a 31 percent gain for a European insurance sector index. ($1 = 0.6202 pound)
(Reporting by Myles Neligan; Editing by Dan Lalor)
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