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Equitable says no heads will roll after E&Y case collapses

Equitable Life says no executive heads will roll over the collapse of its lawsuit against former auditors Ernst & Young.

The Society says the decision to sue was taken unanimously by the board and even with hindsight it stands by that decision.

Equitable is continuing its 1.7bn claim against 15 former directors with chairman Vanni Treves saying it is dutybound to do so.

Lawyers Herbert Smith will continue to act for the Society in that case and Treves confirms the board will not look to sue the lawyers over the legal advice it gave which convinced Equitable to act.

Equitable’s legal costs have already weighed in at 30m but Treves claims the ongoing case against the directors will not significantly raise this figure.

Treves says: “We have no intention of suing anyone else.”

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