E&Y’s Land fears bankruptcy

Link: Special report: Liability cap

According to the Daily Telegraph, Land wrote to John Vickers, chairman of the OFT, saying: ‘Our cover is not adequate to meet claims at the level we are currently facing and adequate cover is simply unobtainable. Similarly, there is no evidence that such cover will become available.’

E&Y is being sued for £2.6bn by Equitable Life over allegations that it should have noticed that the life insurer’s guaranteed contracts were too expensive.

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