BusinessCompany NewsE&Y to face action over Equitable

E&Y to face action over Equitable

Equitable Life is gearing up to launch legal action against Ernst & Young over its involvement in the collapse of the troubled life insurer.

In a letter to shareholders, Equitable’s new chief Vanni Treves said the board at Equitable would consider suing its former auditor if it did not receive satisfactory explanations on a number of issues.

A report from law firm Herbert Smith and forensic accountants at PricewaterhouseCoopers raised ‘serious concerns’ over E&Y’s work at Equitable.

Treves said: ‘If we do not receive satisfactory explanations, and if it is cost-effective to do so, we will commence legal proceedings.’

Links

Mute response to Commons Equitable report

Treasury to grill FSA over Equitable

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