Equitable Life never seem to be out of the news and today is no exception. As many know, Equitable are suing their former auditors Ernst & Young after they signed off Equitable accounts during the 1990's.
This was the time that Guaranteed Annuity Rates were on offer and the liabilities rose to such a level that Equitable were forced to close to new business. Equitable Life are suing for £2.9bn but Ernst & Young have applied to the High Court to have the case thrown out.
Apparently, they do not believe Equitable have grounds to claim on.