Only two things stand in the way of throwing Equitable Life's current helmsmen overboard: the continuing case against former directors, and a deep desire not to waste anymore of policyholders' money, says Paul Braithwaite.
The general secretary of the Equitable Members Action Group says EMAG members could without doubt precipitate an extraordinary general meeting of the society. However, with an estimated £1.75bn still at stake in the ongoing case against former directors, this might not be the time to go for such action. ”The plot has been lost,” says Braithwaite. “It’s an appalling situation for policyholders.” While much of recent public focus has been on the cost of failed litigation – such as the case against former auditor Ernst & Young which was dropped two weeks ago – Braithwaite suggests many h...
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