Equitable Lifes legal advisers are split on the size of potential mis-selling claims the life office could face from policyholders.
The findings of Equitables legal team, which includes a report by Nicholas Warren QC and other lawyers working on the compromise deal, will be published this week alongside details of the scheme.
The Board wants to the compromise to end what could be years of legal disputes.
In an open letter to policyholders published today, Equitable admitted its MVAs and bonus cuts had distressed many policyholders. It says those now leaving are not taking more than their fair share.