Equitable Life has announced settlement terms with two more former directors in its ongoing court case to seek damages for failures alleged to have caused the company's near-collapse in 2000.
"Equitable Life has confirmed today that it has reached settlement terms with Mr. David Wilson and Mr. Roger Bowley, two of the Society’s former directors, on the basisthat the Society discontinues its claims against them with each side paying its own costs," the company says in a statement.
"The Society’s legal action against 11 former directors continues. As the action by the Society is continuing against 11 former directors, the Society can make no further comment."
The announcement is the second in as many weeks, and follows a pattern with each side paying their own legal fees.
Estimates are Equitable has spent some £30m pursuing legal action against its former directors and former accountant Ernst & Young while the directors may have racked up costs of around £10m.
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