UK - Equitable Life is suing its auditor Ernst & Young (E&Y) for up to £2.6bn for its signing off on its accounts, claiming its accounts should have reflected the guaranteed annuity rate (GAR) liabilities that took the firm to edge of collapse.
Equitable’s lawsuit - filed in the High Court by Equitable’s lawyers Herbert Smith - claims that the auditor should have included technical provisions for the firm’s GAR liabilities in its accounts...
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