Equitable drops action against another director

Equitable Life yesterday dropped its legal action against another former
director yesterday, reducing the number of defendants in the High Court
negligence action from 16 to 10.

The Financial Times reports that the life assurer confirmed that it
had that reached a settlement with Alan Nash, a former chief executive and
actuary at the society. Both sides will pay their own legal costs in the

The deal follows a similar settlement with the society’s former auditors
Ernst & Young, as well as settlements with two former executives and two
former non-executives.

News of the settlement came just 24 hours after the society said it was
dropping a large part of its claim against former directors, cutting the level
of damages sought by more than £1bn.

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