LONDON - UK mutual insurer Equitable Life today dismissed charges against two more of its former directors that it is suing alleging that they were negligent during their tenure at the company.
David Wilson, a non-executive director at Equitable from 1994-1999, and Roger Bowley, an executive director from 1989-1997 were the two men who benefited from today's decision. However, both sides will take care of their respective legal fees. "Equitable Life has confirmed today that it has reached settlement terms with David Wilson and Roger Bowley, two of the Society's former directors," the troubled company said in a statement.
Last week, the company had dropped its case against two of its directors, Peter Martin and Shaun Kinnis. It had taken similar action regarding the case against former auditors Ernst & Young, a case that cost Equitable close to £30 million. Equitable Life is suing some 15 members of its board for negligence in 2000, when the company came close to a collapse. The company has brought a suit for £1.7 billion against these former directors.
Mr. Wilson was particularly relieved that the case against him was finally closed, "This case has taken out four years of my life. The judge said at my strikeout hearing that my defense case was 'formidable' and 'particularly powerful'. It's a shame that the society and their lawyers didn't see the writing on the wall then, but we have been forced to fight on and I am glad I have prevailed," he commented.
Equitable has indicated its desire to close out the cases against all other directors by the end of the year.
Posted
on : Tue, 11 Oct 2005 08:05 GMT | Insurance News
By : Anne Philips
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