Equitable Caves in On Ex-Directors Legal Fight
Evening Standard - London › September 28, 2005
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Summary
EQUITABLE LIFE, which last week dropped its Pounds 700 million action against auditor Ernst Young, will abandon its Pounds 1.7 billion lawsuit against 15 former directors if each side shoulders its own legal bills.
The proposal mirrors the arrangement under which the troubled life insurer settled the remains of its original Pounds 2 billion action against its former auditors. In that deal, both sides paid their own legal costs, thought to be some Pounds 30 million each.See the full content of this document
Extract
Equitable Caves in On Ex-Directors Legal Fight
However, the ex-directors are split over the latest proposal, which Equitable hopes will appeal in particular to the wealthier ones.
Many of the...See the full content of this document
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