PracticeAccounting FirmsEvidence deadline extension for E&Y

Evidence deadline extension for E&Y

Ernst & Young will deliver expert evidence to the High Court tomorrow in preparation for its battle with Equitable Life, scheduled for April 2005.

Link: E&Y denies it’s ready to settle with Equitable

But following a court hearing last week, E&Y will now have until the end of October to submit the final piece of evidence after the judge ordered Equitable Life to ‘clarify’ submissions from two expert witnesses.

The evidence in question was submitted by actuary, Mike Arnold, and investment banker, John Cryan, and E&Y argued that it should be withdrawn from the trial.

While Mr Justice Langley, the judge presiding over the £2.6bn negligence case, refused he did say that Equitable’s lawyers must ‘go back to your two experts to clarify what they are saying’. Langley went on to say that the hearing had been ‘a bit of a draw’.

The hearing led Equitable Life’s QC, Iain Milligan, to hint that E&Y’s request for the evidence to be removed was nothing more than a delaying tactic.

‘The 30 September is D-day for E&Y?s reports which in a sense raises the question of why we are dealing with this now rather than perhaps a long time ago,’ said Milligan.

A spokesman for E&Y rejected the accusations, saying it would be ‘na‹ve to suggest this was a delaying tactic’ and that last week’s court appearance provided ‘valuable preparation for trial’.

An E&Y statement said judge Langley’s decision ‘further demonstrates the difficulties that Equitable is having in putting together its case against us’.

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