Equitable Life drops more of its claims

Equitable Life is reported to have dropped a major part of its claim against 11 former directors, reducing its claim from £1.7bn to £641mn. The company said that it had withdrawn its “lost sale” claim, under which the company said that, if the former directors had acted properly, they could and should have sold the company for more than could now be obtained. Equitable’s claim against auditors and ex-directors has shrunk in the past 40 months from an initial £3.7bn to the current £641mn. All claims against auditor Ernst & Young and four other former directors have been dropped.