Link: E&Y in landmark victory
The move comes after one part of Equitable’s application against E&Y for damages was struck out at the High Court on Monday. E&Y will also appeal against a decision not to strike out the entire claim. ‘We will be going for costs relating to the claim which has been struck out,’ an E&Y spokesman confirmed.
The firm is understood to be seeking costs amounting to six figures.
Equitable began the action against E&Y because the firm was auditor during the period in which a £1bn hole appeared in the life assurer’s accounts.
On Monday, High Court judge Justice Langley struck out the £2.6bn Equitable claim over lost sales in 1998. But a lesser claim relating to the declaration of bonuses remains, although it must be ‘presented with a rigour and reality which is presently lacking,’ according to Langley. In his report, Langley described the latter as being ‘fanciful in approach and amount’ and that E&Y should not be expected to defend claims which can be shown to have ‘so many basic flaws’.
A spokesman for Equitable Life remained upbeat, saying it was ‘early days’ and that ‘the case continues’.
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal
UK senior partner Phil Verity has been elected for a second term at Mazars