E&Y to begin defence in Equitable case

AccountancyAge.com, Accountancy Age, 18 Apr 2005

Ernst & Young to claim Equitable's case is 'far fetched'.

Ernst & Young is expected to begin its defence in the Equitable Life hearing in the High Court later this week.

Link: E&Y pours scorn on Equitable

Lawyers representing the Big Four firm are due to begin outlining their defence on Wednesday.

Equitable is claiming £2bn from its former auditors who they say should have advised the life assurer to reserve more for guranteed annuity rates liabilities.

E&Y has made public documents which show that the firm believes Equitable's case is 'over-lawyered' and 'far fetched'.

In the documents, the firm says: 'An air of profound unrealism permeates this claim. It may well be asked: what on earth have E&Y to do with the situation in which the society found itself in 2001?'

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