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:
“It has come to this, that the friends of liberty, the friends of the slave, have shuddered when they have understood that his fate was left to the legal tribunals of the country to be decided. Free men have no faith that justice will be awarded in such a case.”
—Henry David Thoreau (1817–1862)
“Throughout my life, I have seen narrow-shouldered men, without a single exception, committing innumerable stupid acts, brutalizing their fellows and perverting souls by all means. They call the motive for their actions fame.”
—Isidore Ducasse, Comte de Lautréamont (1846–1870)
“And all the great traditions of the Past
They saw reflected in the coming time.
And thus forever with reverted look
The mystic volume of the world they read,
Spelling it backward, like a Hebrew book,
Till life became a Legend of the Dead.”
—Henry Wadsworth Longfellow (1809–1882)