Equitable drops 'lost sale' claim against directors

The Society says the other claims against the former directors continue, as Charles Thomson, the Society’s chief executive, says: “We have taken the pragmatic decision to withdraw the lost sale claim. This will speed up the process and reduce overall costs.” The case has so far cost the mutual an estimated £30m and less than a month ago Equitable Life chairman Vanni Treeves and chief executive Charles Thomson were facing calls for their resignation by policyholders in reaction to the news that the Society had dropped its case against its former auditors Ernst & Young. The case has been...