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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.”


Reality bites

Last week, I reviewed the increasing and seemingly inexorable rise in the importance of searching for the commercial reality in tax planning transactions in order to ascertain how effective they would be in achieving their purpose.

Standard Health buys First Assist

Standard Life Healthcare has bought the private medical insurance business of First Assist Insurance Services.

Syndicate set to buy Ashcourt Holdings

Fund firm acquisition vehicle Syndicate Asset Management is seeking Aim listing and is buying asset manager and financial planning firm Ashcourt Holdings. Syndicate was set up to build a fund management group by buying smaller firms. It has raised 33m at 60p per share in pre-IPO financing. The firm is offering 210p per share for […]

Hitching a lift

Norwich Union head of public relations James Evans got some impromptu and rather unwelcome training in for a marathon he is about to run when checking into the Tower Thistle ahead of last week’s Money Marketing 20th anniversary bash. An unsympathetic receptionist told Evans that the lift was out of order and his room was […]

Solving the income puzzle

There is a puzzle at the centre of financial markets. The global economy is growing, there are signs of inflation and interest rates are going up, yet yields remain low. In this article, James Foster, manager of the Artemis Monthly Distribution fund, unpicks this conundrum and looks at where investors can find income. There is […]


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