Legal Actions By Equitable Life
In April 2005, in the light of Penrose's findings, Equitable started a £2B High Court action against auditors Ernst & Young, reduced 3 months later to £0.7B, claiming they had failed to inform the board of the seriousness of its position. However lawyers advised they could not prove correct advice would have changed the outcome and the case was dropped in September. Ernst & Young described the case as "ill conceived". Simultaneously it started a £3.3B claim against former directors claiming that they failed in their duties to policyholders. This claim was abandoned in December 2005, the costs of the two cases being around £40m.
Read more about this topic: The Equitable Life Assurance Society
Famous quotes containing the words legal, actions and/or life:
“The trouble with Eichmann was precisely that so many were like him, and that the many were neither perverted nor sadistic, that they were, and still are, terribly and terrifyingly normal. From the viewpoint of our legal institutions and of our moral standards of judgment, this normality was much more terrifying than all the atrocities put together.”
—Hannah Arendt (1906–1975)
“Hence a young man is not a proper hearer of lectures on political science; for he is inexperienced in the actions that occur in life, but its discussions start from these and are about these; and, further, since he tends to follow his passions, his study will be vain and unprofitable, because the end aimed at is not knowledge but action.”
—Aristotle (384–322 B.C.)
“I could lie down like a tired child,
And weep away the life of care
Which I have borne and yet must bear,
Till death like sleep might steal on me,”
—Percy Bysshe Shelley (1792–1822)