Invista Real Estate Investment Management is to take on Lloyds Banking Group over a missed payment of £545,600.
The payment had been payable by Lloyds subsidiaries under an early termination agreement, but remains unpaid.
In a market statement, Invista says: “Payment of this final amount has been, and continues to be withheld by the Lloyds parties.
“As a consequence, Invista today announces that it has commenced legal proceedings against the Lloyds parties to recover such amount.“
The amount had been owed under the agreement for early termination of funds it managed for Lloyds. An initial £2.6m had been paid in May, with the remaining payment due in June.
The Lloyds parties include: Clerical Medical Investment Group, Clerical Medical Non-Sterling Property Group, Clerical Medical Managed Funds, HBOS Investment Fund Managers, Halifax Life, and St Andrew’s Life Assurance.
Five-year investment management agreements had been entered into by the Lloyds parties, formerly of HBOS, in 2006, before 12 months’ notice was given in October 2010.
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