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’.
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
Six new partners have been revealed by top ten firm Mazars