LONDON – LAWFUEL – The Law News Network – Allen & Overy today confirmed that Equitable Life has settled its claims against the firm’s clients, six of the former non executive directors. The Society has agreed to pay costs to Allen & Overy’s clients of £5.2m.
The six directors represented by Allen & Overy are: Peter Davis, David Price, John Sclater, Peter Sedgwick, Jonathan Taylor and Alan Tritton.
Allen & Overy litigation partner Tim House said: “This case graphically demonstrates the folly of looking for a scapegoat for every disaster. It is unfortunate that those who decided to bring this litigation did not pause long enough in their rush to find someone to blame to consider whether there was any sustainable basis for bringing a case. There never was.
“These non executive directors went well beyond the call of duty to manage a difficult situation caused by events beyond their control. Equitable always acknowledged that the directors acted honestly and in good faith. It is very regrettable that Allen & Overy’s clients have had to face ruinous litigation for four years to defend their reputations and that final vindication has come at the price of damage to their lives.”
Allen & Overy team: litigation partner Tim House and associates Andrew Denny, Matt Bower and Joanna Powell.
Counsel for Allen & Overy’s clients: Laurence Rabinowitz QC and Richard Handyside.