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.
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?’