Equitable Life offers to abandon lawsuit - papers 27th Sept

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...