TITLE

Equitable court case opens with £2bn claim against auditors

PUB. DATE
April 2005
SOURCE
Money Marketing;4/14/2005, p5
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
This article reports that life insurance firm Equitable Life Insurance Co. is taking on its former auditors Ernst & Young (E&Y) LLP and 15 former directors in one of the British biggest-ever corporate legal battles which is expected to cost over £100m. The court case opened on Monday with Equitable claming up to 2 billion pound from E&Y for alleged negligence, a figure that has been scaled back from a claim of 2.6 billion pound last year. Equitable claims E&Y did not report the risks over guaranteed annuity rates between 1997 and 1999.
ACCESSION #
16802173

 

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