EQUITABLE LIFE has claimed the society can 'afford to lose' the multi-billion pound negligence trial against its former directors and former auditor, even though it could cost them £100m, reports the Daily Telegraph.
The society is suing former directors and Ernst & Young for a total of £3.75bn for negligence and breach of duty, and the trial is due to start in the High Court on April 11. Speaking at a press conference revealing their financial results yesterday, a spokesman for the society is reported in the Telegraph as saying: "As we have always said, the society believes it has a very strong case. But if we lost, we could afford it. For the directors or Ernst & Young it would be nuclear - billions of pounds.” FOLLOWING THE SAME results reporting, the Guardian says Equitable Life would still co...
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