E&Y has applied to the High Court to have the writ, which alleges professional negligence, to be struck out, arguing the claim was without basis.
In a statement, E&Y said: ‘We confirm that we have issued a strike out application which is consistent both with our view that there is no basis for this claim, and with our intention to defend the claim vigorously.’ E&Y was auditor to Equitable from 1991 to 2000, when it was replaced by PricewaterhouseCoopers.
The life insurer issued the writ against E&Y in April this year – at the same time it started proceedings against 15 former board directors.
A spokesman for Equitable said: ‘We are moving ahead with our important claim against the auditors.’
Mazars has announced the appointment of Michael Tripp as the new head of financial services
A new leader, Darra Singh has been appointed to lead EY’s UK government and public sector practice
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
Revenue and profitability growth in on the rise for CPA firms, found a survey from the American Institute of CPA’s and its subsidiary CPA.com