Equitable trial: E&Y fights for its future

In one of the biggest court cases in British accounting history, Ernst & Young battles it out with life assurance firm, Equitable Life, at London’s High Court. At stake? The future of the Big Four firm.

Equitable Life’s £2bn lawsuit against Ernst & Young, its former auditors, kicked off on Monday 11 April, 2005.

Equitable is suing E&Y for alleged negligence in the overseeing of its accounts in the late 1990s.

As well as explaining their cases in court, both parties submitted written explanations of their case.

Here, you can read Equitable’s claim against the Big Four firm, and E&Y’s furious response.

This is the opening skeleton outline of Equitable’s case against its former directors and auditors. Its specific claims against E&Y start on page 144.

Link: Download a PDF of Equitable’s case

And this is the first nine pages of E&Y’s response.

Link: Download a PDF of E&Y’s response

Below, you will find links to the Accountancy Age news coverage, analysis and comment on the case as it unfolds.