PracticeAccounting FirmsFormer Equitable directors fear costs

Former Equitable directors fear costs

The 15 former directors of Equitable Life, who are being sued for £3.5bn by the new board, may consider ways to avoid the 'horrendous cost' of a full trial.

Link: E&Y seeks six-figure damages

The former directors’ lawyers told a case management conference on Friday that the over-riding concern of their clients was what the cost a full-blown trial would entail.

Although the group of fifteen directors, which includes former finance director, Chris Headdon, have secured £5m to spend on their defence, it is not expected to be nearly enough.

A preliminary strike-out application brought in the Ernst & Young and Equitable litigation had cost more than £1m in legal fees. The expense of a full trial would run to many times that figure.

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