E&Y to begin defence in Equitable case
Ernst & Young to claim Equitable's case is 'far fetched'.
Ernst & Young is expected to begin its defence in the Equitable Life hearing in the High Court later this week.
Link: E&Y pours scorn on Equitable
Lawyers representing the Big Four firm are due to begin outlining their defence on Wednesday.
Equitable is claiming £2bn from its former auditors who they say should have advised the life assurer to reserve more for guranteed annuity rates liabilities.
E&Y has made public documents which show that the firm believes Equitable’s case is ‘over-lawyered’ and ‘far fetched’.
In the documents, the firm says: ‘An air of profound unrealism permeates this claim. It may well be asked: what on earth have E&Y to do with the situation in which the society found itself in 2001?’