MORE OF the 15 former directors being sued for £1.7bn by Equitable Life for negligence are expected to settle within the week after the troubled mutual announced yesterday it had reached an agreement with two former directors, says The Times .
Peter Martin, a non-executive director between 1984 and 2001, and Shaun Kinnis, executive director from 1989 to 1997, yesterday agreed to cover their own costs in return for the mutual dropping its claim against them.
Sources close to the High Court trial said the settlements were likely to have a “domino effect”, says the paper.
THERE ARE tentative signs first-time buyers are returning to the housing market, according to one of Britain's biggest mortgage banks, says the Guardian.
In a trading update yesterday, Northern Rock also said it was comfortable with analysts' forecasts of a 12% rise in annual pre-tax profits to about £494m this year.
The bank's comments came on the day a report claimed house prices had fallen for the 15th month in a row. Northern Rock said indications interest rates were likely to stay at current levels offered "a good degree of certainty to both prospective and current homeowners".
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