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’.
Richard Cartwright becomes the new head, taking over from incumbent head of office David Lemon
Brian Burke, business development director, has moved within the firm to 'develop Quantuma’s networks with Sussex professional firms'
Stephen Mills joins the Manchester office from IBM, where he spent 12 years as an associate partner in the data, analytics and cognitive consulting group
Rupert Guppy will be responsible for capital allowances in the southern region, and joins the firm from specialist consultancy E3 Consulting