Threat from Equitable Life chairman
Equitable Life has issued a bold threat against its former auditor Ernst & Young.
Equitable Life has issued a bold threat against its former auditor Ernst & Young.
Link: Evidence deadline extension for E&Y
In a statement made yesterday, chairman Vanni Treves said he was willing to ‘ruin E&Y or the livelihoods of its partners and their families’.
‘Based on the legal advice the Board has received, we have a very powerful case against E&Y and we are preparing for trial next year,’ he said.
‘The Board has a duty to act in the best interests of policyholders and if E&Y wants to pick up the phone to talk about settlement, then, of course, we will listen. But for my Board to consider settlement, any offer from E&Y must be sincere, serious and substantial. Otherwise we will see them in the High Court.
‘We are reasonable people and, obviously, we do not want to ruin E&Y or the livelihoods of its partners and their families unless we have to.’
Earlier this week, the UK chairman of Ernst & Young, Nick Land, had opened the door to a possible out-of-court settlement of the £2 billion negligence claim brought by Equitable Life.
But this statement from Treves leaves little doubt as to his firm’s current position, which is a marked departure from earlier this year when it, too, had expressed hopes for an out-of-court settlement.
The numbers you crunch tell a story. Your expertis...
20yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThree years after accountancy group DJH Mitten Clarke launched, they have announced that they have rebranded to DJH. The DJH Mitten Clarke name reflec...
View articleStatic budgets outdated. Embrace agile budgeting for a smooth year-end close and adapt to changing markets. Read More...
View articleSaffery Champness's strategic rebrand to "Saffery" reflects a bold step towards aligning its historic values with a modern, innovative ethos, fosterin...
View articleSumer’s CEO Warren Mead believes accountants have a responsibility to champion smaller and medium-sized businesses and that successful entrepreneurs a...
View articleMid-market firms experience largest percentage increase in fee income in 2023, as consultancy services start to become leading income streams for the ...
View articleBaker Tilly International has today announced record global revenues of US$5.2bn for the financial year ended 31 December 2023, up 11% on the previous...
View articleWhilst Small and Medium Enterprises (SMEs) account for around half of the turnover in the UK private sector[1], our own AAT research shows that over a...
View articleGrant Thornton UK as confirmed the appointment of Malcolm Gomersall as its new Chief Executive Officer. Gomersall, who has been with the firm for over...
View article