EQUITABLE LIFE has offered to abandon its £1.7bn lawsuit against 15 former directors in return for a deal on legal fees, reports the Times .
The offer comes just days after the collapse of the insurer’s £2 billion action against Ernst & Young, says the Times. The insurer is understood to have offered to abandon the claim as long as both sides pay their own costs. The 15 former directors, who are accused of negligence in their running of the insurer, all deny any wrongdoing. A similar settlement was struck with Ernst & Young (E&Y), the insurer’s former auditors, last week as Equitable dropped the last £700m claim of its original £2bn lawsuit. Its move was dubbed as “the biggest climbdown in English legal history” by Mark Hapg...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes