AUDITOR ERNST & YOUNG may yet settle their £2bn case our of court with Equitable Life as the prospect is "inching closer", reports this morning's Guardian newspaper.
A recent admission from Ernst & Young indicated the firm might be willing to negotiate a settlement in the case, with the Guardian yesterday hearing hints the beleaguered insurer may be prepared to accept a fraction of the sum. Language appears to have softened since the warning shots fired as a spokesman for Equitable is quoted as saying: "If we have to, we will see them in court next April. If either party wants to pick up the phone and make the society a serious and substantial offer of settlement, the board will give it every consideration," says the spokesman. "If a compromise ca...
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