Equitable members slam assurer’s board

The Equitable Members Action Group (EMAG), one of the most influential
Equitable policy-holder groups, has slammed the assurer’s chairman Vanni Treves
and CEO Charles Thomson after the decision to drop its £2.6bn claim against
auditors Ernst & Young.

Paul Braithwaite EMAG general secretary said the comments by E&Y QC Mark
Hapgood that the litigation was ‘utterly pointless’ and ‘misconceived’ were

‘Mr Hapgood’s savage words were warranted,’ Braithwaite told Accountancy
, adding that the decision cast the future of Treves Charles Thomson
into serious doubt.

‘With the dropping of this claim Mr Treves and Mr Thompson are discredited
and their position is now untenable,’ said Braithwaite.

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