Equitable drops claim against two directors

Equitable Life has dropped its negligence claim against two former directors,
Peter Martin and Shaun Kinnis, with both parties agreeing to pay their own
costs.

Martin, 72, was a non-executive director of the company between January 1984
and April 2001, while Kinnis was executive director in charge of sales and
marketing, and was on the board from January 1989 until July 1997.

In a statement, Equitable said is also abandoning a large part of its claim
against Chris Headdon, who was chief executive of the company in 2000 when the
current troubles began. The Society also said it was continuing its action
against 13 former directors.

However, according to newspaper reports, Equitable has offered to drop the
rest of its claims against all former directors – including Headdon – if they
agree to pay their own costs. It is thought that several are likely to agree to
this.

Equitable says it is pursuing its claims against Headdon in relation to his
role as a director and appointed actuary.