Equitable Life drops €1bn claim against auditors

THE chairman and chief executive of Equitable Life faced calls to resign yesterday as the society dropped its stg£700 million (€1.03 billion) damages claim against its former auditors.

The world’s oldest mutual announced it was abandoning its long-running claim against Ernst & Young in the High Court in London yesterday.

Chairman Vanni Treves said it was with “great sadness and frustration” that the board had decided to settle, but it would have been “foolhardy” to continue following legal advice the board had received.