Speaking at the London Court of Appeal this morning, Lord Justice Brooke said that it has ‘substantially allowed an appeal by Equitable Life Assurance’.
The effect is that the court has restored both lost sale and bonus declaration claims. Equitable claims that the business could have been sold for £2.9bn if E&Y had offered proper advice on the true cost of guaranteed annuity rate policies.
Victoria Cochrane, partner and general counsel for Ernst & Young, said: ‘We knew there was a risk that, given the complexity of the factual background, the Court of Appeal would conclude that a full examination of the facts at trial is required.’
The case is expected to go ahead around Autumn 2004.
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
Six new partners have been revealed by top ten firm Mazars