 |
Equitable drops claims against two ex-directorsPosted by Retirement on: 2005-10-10 20:45:19 in category:
Stocks & Securities [ Print | Permalink / 0 Comment(s) ] Rupert Jones Tuesday October 11, 2005 The Guardian Equitable Life's blockbuster legal action continued to unravel yesterday, with the insurer dropping a negligence claim against two more of the former directors it blames for its troubles. Equitable said it had reached a settlement with David Wilson, the wealthiest of the ex-directors, with a reported £410m fortune, and former company secretary Roger Bowley. It has abandoned its claim in return for each side paying its own legal costs. Both men promptly launched attacks on the insurer for embarking on the multibillion-pound high court case. Mr Wilson, chairman of housebuilder Wilson Bowden, said the case "has taken out four years of my life", while Mr Bowley's solicitor said his client had been through a "terrible ordeal". The scandal-hit insurer originally sued 15 former directors of the company and its former auditor, Ernst & Young, for their alleged role in bringing the 243-year-old firm to its knees. Equitable Life is pressing on with its £1.7bn claim against the remaining 11 former directors. Mr Wilson was a non-executive director of Equitable between 1994 and 1999. In 2004 he was named in a newspaper "rich list" as Britain's 97th richest man. Speaking after yesterday's settlement, he said: "We have been forced to fight on and I am glad that I have prevailed." Mr Wilson's solicitor, Bob Deering, of Ince & Co, said that while Mr Wilson had agreed to pay his own costs for the main court action, he expected to recover about £40,000, plus interest, from Equitable to cover some of the costs incurred at earlier stages of the proceedings. Mr Bowley worked for the firm for 40 years, and was an executive director from 1989 until 1997. His solicitor, Gavin Foggo, of Fox Williams, said: "The last four years have been a terrible ordeal for him." The trial resumed yesterday with former Equitable Life chief executive Chris Headdon, one of the defendants, cross-examining Equitable's expert actuarial witness Mike Arnold, of Millimans actuaries. Homepage Other open community sites http://www.business-business.biz Please support our sponsors: To design your custom retirement plan. http://www.retirement-plan.us For planning IRA rollovers. http://www.ira-rollover.us Professional asset allocation and the wonders it can do. http://www.asset-allocation.us Professional money management- Nationally ranked performance. http://www.roth-ira.us Managers selected to fit your needs. http://www.money-managers.us |
|
Post new CommentThis site does not allow anonymous comments. Registered members can login to participate. Registration is free and takes only a few seconds |
|