PracticeAccounting FirmsE&Y expects latest Equitable claim to fail

E&Y expects latest Equitable claim to fail

Ernst & Young has responded to Friday's re-plead which saw Equitable Life being given permission to proceed with a £500m claim for damages from the Big Four firm.

Link: Equitable heat back on E&Y

The initial £2.6bn claim was thrown out at the High Court because it was seen as ‘fanciful in approach and amount’. It tried to insinuate that the life assurance firm missed an opportunity to find a buyer due to E&Y’s negligence.

The new claim focuses on bonus declarations, claiming that had the Big Four firm advised Equitable of disclosures in relation to its guaranteed annuity liabilities, it would not have issued such generous bonuses.

Ernst & Young partner Victoria Cochrane said the firm is ‘confident that the bonus claim is ill-conceived and bound to fail at trial’.

Related Articles

Sexual harassment – is accountancy next for #MeToo?

Accounting Firms Sexual harassment – is accountancy next for #MeToo?

2d Karen Baxter, Lewis Silkin
Johnston Carmichael CEO appointed as ICAS president

Accounting Firms Johnston Carmichael CEO appointed as ICAS president

3w Emma Smith, Managing Editor
British Accountancy Awards 2018 – entries open!

Accounting Firms British Accountancy Awards 2018 – entries open!

1m Emma Smith, Managing Editor
Is the accountancy sector facing an international talent crisis?

Accounting Firms Is the accountancy sector facing an international talent crisis?

1m Lewis Silkin
RSM appoints new Chief Operating Officer

Accounting Firms RSM appoints new Chief Operating Officer

1m Alia Shoaib, Reporter
RSM announces 11 partner promotions

Accounting Firms RSM announces 11 partner promotions

2m Emma Smith, Managing Editor
BDO hires former AstraZeneca creative director as head of digital and innovation

Accounting Firms BDO hires former AstraZeneca creative director as head of digital and innovation

2m Emma Smith, Managing Editor
What does the future hold for listed accountancy firms?

Accounting Firms What does the future hold for listed accountancy firms?

2m Fergus Payne, Lewis Silkin