In their ongoing saga, Equitable Life has won their appeal at the UK Court of Appeal, allowing them the opportunity to sue their former auditors, Ernst & Young. The appeal will now allow Equitable Life to sue Ernst & Young for upto £2.6bn regarding alleged negligence.
Equitable believes that this alleged negligence hindered them when trying to sell the company. According to Equitable, Ernst & Young did not provide Equitable with correct information regarding the financial position of the company. They believe that by not knowing the true position they wrongly calculated the entitlements for Guaranteed Annuity Rate policyholders.
Our View
Yet more money being spent on court cases! Can Equitable and their policyholders really afford it?
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