The verdict of a near decade-long multi-billion dollar lawsuit filed by a private equity firm against the South Korean government is expected within the next 120 days.

According to the justice ministry on Wednesday, the International Center for Settlement of Investment Disputes declared a "termination of the proceeding" in the case pitting the South Korean government against the U.S. firm Lone Star.

While a verdict is usually declared within 120 days following such a termination, it could be delayed by another 60 days under special circumstances.

In November 2012, Lone Star sought four-point-68 billion dollars in compensation from the government, claiming that the 2007 planned sale of its stake in the now-defunct Korea Exchange Bank to HSBC fell through due to Seoul's unreasonable delay in approval.

The firm also accused the South Korean state tax agency of arbitrary and contradictory taxation.

Lone Star eventually sold its stake to Hana Financial Group for some three-point-nine trillion won in 2012, a sum the firm claims was much smaller than initially expected.

Seoul refuted Lone Star's claims, saying it applied uniform and consistent standards in accordance with international laws and regulations.