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Equitable seeks explanations from former directors

Equitable Life has written to 20 former directors asking them to justify their behaviour in the past running of the society following legal advice by lawyers Herbert Smith.

The letter was sent in a bid by the troubled life office to recover losses it suffered following a House of Lords ruling that it could not apply different terminal bonuses to GAR and non-GAR policyholders.

Equitable is also seeking an explanation from its previous auditors Ernst & Young after a Pricewaterhousecoopers investigation uncovered "serious concerns" about E&Y’s conduct at the society.

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