Equitable joy for E&Y
Ernst & Young has claimed a success in its battle with Equitable Life after a judge refused an application by the life assurer to disallow certain evidence that the Big Four firm was planning to use in April's showdown.
Equitable claimed the evidence should be blocked because E&Y’s staff and the firm’s expert witness disagreed over elements of the evidence.
But the court concluded that such disagreements were common and the firm would be able to use the evidence in the impending High Court case.
It is thought unlikely that Equitable and E&Y will meet again in court until 11 April when they are due to begin their epic battle over the life assurer’s claim for damages that originally amounted to more than £2bn.
Equitable’s claim is likely to be at a much lower figure, while E&Y is adamant it will not settle out of court.
Victoria Cochrane, E&Y partner of general counsel, described Equitable’s claim as a ‘red herring’.