Equitable Life to sue ex-auditor for £2.6bn - papers 16 April

The Telegraph reports that Equitable Life has issued legal proceedings seeking £2.6bn damages from its former auditor, Ernst & Young, alleging professional negligence. The accountants claimed that the insurer was litigating with the benefit of hindsight and added: "We are confident there is no basis for a claim." The FT says UBS Warburg is to cut pensions for existing employees in an aggressive move to slash costs. The Football League was accused of wrecking the administration process of ITV Digital yesterday, as the two sides traded insults on the steps of the High Court, says ...