Equitable were in the High Court again in an attempt to fight the battle against their former auditors, Ernst & Young.
Mr Justice Langley apparently dealt a blow to Equitable when he rejected their right to proceed with the case, said to be worth around £2.6bn. Mr Lanley is said to have stated: "I do not think it is right that Ernst & Young should face claims which can be shown to have so many basic flaws".
There is still hope for Equitable to proceed with part of its case but the new case will have to be reprepared and resubmitted.
Equitable's lawyer and chairman, Vanni Treves said: "leading counsel has advised the board we must appeal and we will do so with speed and vigour". However, Nick Lang, chairman in the UK for Ernst & Young said: "we are absolutely confident of defeating any restated claim that might emerge".
If Equitable had been allowed to proceed and had won this case, the pressure may just have been lifted in terms of solvency. Now, the future is even more bleak, especially with the amounts of money spent on legals.
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