EQUITABLE LIFE'S current chairman Vanni Treves apparently told his predecessor the former directors who are also being sued for negligence are in fact only facing litigation to try and get more money out of its auditors, reports this morning's Daily Telegraph.
When the society opened its lawsuits yesterday against Ernst & Young and the former directors of Equitable, defence papers, outlining the arguments of a number of the society's previous non-executives, suggest Treves had made the statement in a conversation with his predecessor in April 2001. When Sclater asked Treves whether Equitable was seeking to "sue, bankrupt or imprison" him, Treves apparently said "this was not the objective" as the society wanted to see if there was a "deep pocket anywhere that could be made to pay up, for example E&Y", says the Telegraph. ANOTHER PART of the...
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