Equitable Life can sue E&Y, says court

Equitable Life has just been handed a slim lifeline by the Court of Appeal, which today ruled it can go ahead and sue former auditor Ernst & Young over its failure to identify the yawning gap between assets and liabilities that led to the life company's ongoing crisis. Equitable's can now appeal against previous court ruling that it could not seek damages incurred when it was forced to close to new business as a result of being unable to cover guaranteed annuity rates. The action was brought as part of current Equitable management's legal thrust to boost its coffers ever since...