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Topic: Equitable

In the News (Thu 8 Jan 09)

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	Guardian Unlimited Money \| Special_reports \| Equitable Life drops £700m claim for damages from Ernst & Young
		Equitable Life is pressing on with its £1.7bn claim against 15 former directors of the 243-year-old insurer, though a huge question mark now hangs over whether this will go the distance.
		Equitable had originally been pursuing a negligence claim for £2bn against E&Y and had alleged that its policyholders suffered huge losses as a result of the accountancy firm's failure to do its job properly.
		Equitable said it was with "great sadness and frustration" that the board had decided to withdraw the claim completely but it would have been "foolhardy" to continue in the wake of the legal advice they had received.
	money.guardian.co.uk /equitablelife/story/0,10788,1576532,00.html (937 words)

	Equity - Wikipedia, the free encyclopedia
		One area in which the Court of Chancery assumed a vital role was the enforcement of uses, a role which the rigid framework of land law could not accommodate.
		Equitable remedies can only be dispensed by a judge as it is a matter of law and not subject to the intervention of the jury as trier of fact.
		The distinction between "legal" and "equitable" relief is an important aspect of common law systems, including the American legal system.
	en.wikipedia.org /wiki/Equity (1106 words)

	Equitable Life -- Facts, Info, and Encyclopedia article (Site not responding. Last check: 2007-10-20)
		Equitable Life (founded 1762) is a (A regular payment to a person that iis intended to allow them to subsist without working) pension company in the (A monarchy in northwestern Europe occupying most of the British Isles; divided into England and Scotland and Wales and Northern Ireland) United Kingdom.
		Nonetheless, in April 2005 Equitable Life launched a £4 billion legal action in the (The highest court in most states of the United States) High Court.
		It is claiming £2 billion from 15 ex- (Someone who supervises the actors and directs the action in the production of a show) directors whom it claims were negligent in their duties, a charge they deny.
	www.absoluteastronomy.com /encyclopedia/E/Eq/Equitable_Life.htm (256 words)

	Ernst & Young victory against Equitable Life legal claims (Site not responding. Last check: 2007-10-20)
		Equitable claimed that had Ernst & Young advised that higher provisions were required it would not have declared the bonuses which it did over the relevant period and would have put itself up for sale from 1998.
		Equitable's lost sale claim was, in effect, an allegation that Ernst & Young as auditors were responsible for the fall in the value of Equitable's goodwill during the period from September 1998 to February/March 2001.
		Equitable was not able satisfactorily to deal with a number of other attacks on the bonus claim, in particular the argument that the remedial action taken by the directors post Hyman mitigated Equitable's loss or the substantial part of it.
	www.ey.com /global/Content.nsf/UK/Media_-_03_02_10_DC_-_EY_victory_against_Equitable_Life (1347 words)

	Inheritance by Equitable Adoption: An Overview of Theory and Proof
		In virtually every case in which an equitable adoption claim has been sustained (including cases premised upon an estoppel theory), there is clear and unequivocal evidence that the putative adopter either expressly agreed to adopt the child or expressly declared his or her intention to adopt the child.
		Equitable adoption is usually sustained in those cases in which the proponent is completely unaware of the identity of his or her natural parents during his or her childhood,
		In many equitable adoption cases there is evidence of the putative adopter's expression of an intention to leave some property or some part of his or her estate to the child/proponent, whether it be by will, codicil, written memorandum or oral statements to other witnesses.
	www.mobar.org /journal/2001/mayjun/reeves.htm (4048 words)

	IRMI - The Courts and Equitable Subrogation versus Equitable Contribution (Part 3)
		Equitable contribution is an insurer's right to recover from a co-obligor that shares the same liability.
		Equitable subrogation, on the other hand, refers to a situation where an insurer has paid the principal debtor's obligation to the common underlying claimant, and thereafter succeeds to the claimant's rights against the principal debtor.
		If an action for equitable contribution does not lie because the policies cover different risks, then the result is that the settling insurer has an action for equitable subrogation, not that the insurer goes without a remedy.
	www.irmi.com /Expert/Articles/2004/Postel10.aspx (2137 words)

	Jack Murray Reference, CAN AN EQUITABLE SUBORDINATION CLAIM "TRUMP" A STATE FORECLOSURE PROCEEDING? (Site not responding. Last check: 2007-10-20)
		Because equitable subordination is remedial, not penal, the claim will generally be subordinated only to the extent necessary to offset the specific harm that the debtor and its creditors suffered on account of the alleged inequitable conduct.
		The debtors sought equitable subordination of the mortgagee’s claim, injunctive relief, and a determination of the validity and extent of the mortgagee’s lien.
		The equitable subordination claim was based on alleged misconduct by the mortgagee, including breach of contract, tortious interference with a contract, promissory estoppel, violations of the Equal Credit Opportunity Act, violations of [a Vermont discrimination statute], and negligence.
	www.firstam.com /faf/html/cust/jm-trump.html (508 words)

	FT.com / Your money - Robert Budden: Equitable theorists (Site not responding. Last check: 2007-10-20)
		This case is being watched closely by Equitable policyholders who hope it could provide them with much-needed dynamite to pursue their own mis-selling claims against the society.
		Equitable argues therefore that it is unlikely to help existing policyholders with redress because the vast majority of GAR claims were resolved by its compromise scheme in 2002.
		Under the Equitable deal, the society obtained a limitation defence, meaning that most policyholders with policies without annuity guarantees who were part of the compromise deal can now pursue only specific misselling complaints and cannot pursue compensation relating to the costs of honouring annuity guarantees that hit returns on their policies.
	news.ft.com /cms/s/79927146-6bb9-11d9-94dc-00000e2511c8.html (848 words)

	CNN.com - UK's Equitable Life wins rescue vote - January 28, 2002 Posted: 1747 GMT
		As part of the rescue plan, Equitable is offering members a one-off boost to their pensions in return for giving up a guaranteed investment return.
		Equitable had said the future would be bleak if policyholders rejected the plan, while a “yes” vote would cap the firm's future liabilities and give it more freedom to invest to get higher returns for its members.
		Equitable has already set aside money to cover any such claims, but believes it would be “extremely difficult” for them to succeed.
	archives.cnn.com /2002/BUSINESS/01/28/equitable.reut (635 words)

	Guardian Unlimited Money \| Special_reports \| Equitable 'to do deal with directors'
		The troubled mutual insurer Equitable Life was today reported to be offering to drop its £1.7bn lawsuit against 15 former directors.
		A number of directors are thought to have agreed to settle with Equitable, but others are reported to be unwilling to pay their own costs and planning to hold out.
		Equitable was plunged into difficulties after losing a legal showdown in the House of Lords over the rights of its guaranteed annuity rate policyholders in 2000, leaving it with a £1.5bn liability and forcing it to close its books to new business.
	money.guardian.co.uk /equitablelife/story/0,10788,1579535,00.html (415 words)

	FAQs - Equitable Life (Site not responding. Last check: 2007-10-20)
		The consumers in the lead cases removed the policies in question from Equitable Life's with-profits fund before 8 February 2002 - so the policies are not bound by the terms of Equitable Life's compromise scheme that came into effect on that date.
		Equitable Life asked to refer these lead case adjudications to the ombudsman for a formal review and decision.
		Equitable Life made a submission to the chief ombudsman, saying that it believed it was inappropriate for the Financial Ombudsman Service to deal with certain Penrose-related complaints.
	www.financial-ombudsman.org.uk /faq/equitable.htm (1933 words)

	OSCN Found Document:OKLAHOMA NAT. BANK v. EQUITABLE CREDIT FIN. CO.
		Equitable alleged that the check had been procured by fraud and failure of consideration and asserted that the Bank knew or should have known of these defenses.
		Equitable's defenses were fraud and failure of consideration based on its claim that the Goodrich receivables were fictitious.
		Hence, it was necessary for Equitable to establish by a preponderance of the evidence that the accounts purchased were in fact false and fictitious.
	www.oscn.net /applications/oscn/DeliverDocument.asp?citeID=42232 (2028 words)

	Equitable wins right to proceed to trial against former directors
		Commenting on the decision, Vanni Treves, Chairman of Equitable Life said today: "We are pleased, but not surprised, that Mr Justice Langley agrees that this case should proceed to trial.
		The trial of Equitable Life's claims against Ernst and Young and the former directors is expected to start in April 2005.
		It also claims that the former directors acted unreasonably in 1999 and 2000 in failing to take appropriate steps to mitigate the risks involved in the Hyman litigation (which Equitable Life lost in the House of Lords) and to ensure that policyholders were aware of those risks.
	www.equitable.co.uk /content/news_91.htm (273 words)

	Thomson NETg - Scottish Equitable
		Scottish Equitable has worked in partnership with Thomson NETg since 1997 in order to create a learning programme that is tightly linked to business goals and that equips employees with the skills they need to successfully address the constantly changing business environment.
		In 1994 Scottish Equitable became part of the international insurance group, AEGON, which is based in the Netherlands and is one of the largest listed life insurance groups in the world ranked by market capitalisation, assets and net income.
		Scottish Equitable also wanted to ensure that it maintained its status as an excellent employer which means its learning programme must support and develop its people in line with their individual needs as well as the company’s business objectives.
	www.netg.com /content.asp?link=1413 (889 words)

	Equitable case flawed from start to finish - Accountancy Age (Site not responding. Last check: 2007-10-20)
		Equitable’s pursuit of EandY in the High Court was frequently unconvincing, and moments from the trial emphasized the society’s lack of grip on the action.
		Equitable claimed that, in conversation with its expert witnesses, it had only just become aware that it could have brought this claim.
		That Equitable was willing to walk away with such small sums will concern policyholders, especially as they were being told at the time that only a ‘substantial’ and ‘serious’ settlement would be good enough.
	www.accountancyage.com /accountancyage/analysis/2143640/equitable-case-flawed-start (1281 words)

	Guardian Unlimited Money \| Special_reports \| Special report: Equitable Life
		July 6: Equitable Life's chairman apologised to 15 former directors of the company - whom the insurer is suing for billions of pounds - for suggesting fraud was "central to the litigation".
		May 11: Equitable Life was yesterday urged to drop part of its £1.7bn claim against 15 former directors of the company.
		January 24: While many Equitable policyholders harbour hopes that Lord Penrose's tome signals the beginning of the end, it could be the prologue to a whole new epic battle.
	money.guardian.co.uk /equitablelife/0,10788,,00.html (1060 words)

	Internal Revenue Manual - 9.7.9 Equitable Sharing and Reverse Asset Sharing
		Equitable sharing requests should be submitted within 60 days after the date of seizure or within 60 days after the federal adoption of a state or local seizure.
		Equitable sharing may occur only after the federal forfeiture has been completed, the United States has taken clear title to the property, and a final sharing decision has been made by the appropriate official.
		To ensure agencies receiving equitable sharing from CI are properly thanked for their participation and encourage future joint efforts, the SAC will send a letter to the receiving agency or make a formal presentation to the receiving agency, depending on the circumstances.
	www.irs.gov /irm/part9/ch07s11.html (4584 words)

	EQUITABLE REMEDIES
		It is not new law that unpaid subcontractors hold an equitable interest in a contract balance owed by a building owner to a general contractor.
		Understandably, equitable lien cases often arise where the government fails to require a payment bond, a claimant has failed to preserve its rights under the bond, or the surety had no liability because it has already paid out the maximum amount of the bond.
		It may be important for an equitable lien claimant to provide notice of their equitable lien claim at an early stage.
	www.fullertonlaw.com /EqutiableLienWebReady.htm (5821 words)

	BBC NEWS \| Business \| Equitable chiefs face fresh probe
		The former Equitable executives are accused of a range of errors and misjudgements, which together amount to a failure to meet the standards of professional competence expected of actuaries.
		Equitable Life nearly went bust in 2000 because it could not meet its liabilities.
		As a result, Equitable savers have seen the value of their policies slashed by up to 40% since then.
	news.bbc.co.uk /1/hi/business/3528462.stm (454 words)

	Equitable posts record 4Q - Feb. 11, 1998
		Equitable, parent of the Wall Street firm Donaldson, Lufkin and Jenrette, said operating earnings rose to $170.4 million, or 73 cents per diluted share, from $138.2 million, or 64 cents a share, a year ago.
		Equitable shares (EQ) gained 1-¼ to 54-¼ in midday trading.
		Equitable is a member of the AXA group, one of the world's largest asset managers, with about $500 billion under management.
	money.cnn.com /1998/02/11/companies/equitable (393 words)

	Equitable Life help box \| This is Money
		Equitable Life's own helpline number is 0870 901 0052 - this could be a good first port of call to clarify all the facts.
		Equitable customers who did not have with-profits policies, such as unit-linked investments and unit-linked pension funds, were not affected.
		Equitable says that instructions must have been given in writing that you wish to take benefits within 7 days or to surrender your policy immediately.
	thisismoney.co.uk /news/article.html?in_article_id=361700&in_page_id=2 (1589 words)

	Welcome to Equitable Bank
		Equitable’s North Miami Beach Banking Center occupies the entire first floor of the building and features a luxurious dark-wood and marble décor and large windows that bathe the facility in sunlight.
		Equitable Bank’s assets totaled more than $143 million by year-end 2001, an increase of almost 33 percent over the year 2000.
		"Equitable Bank is an independent, privately held corporation that has the flexibility and creativity to provide funding and services for local businesses that they could not find at larger, more impersonal banks," Spute said.
	www.equitablebankfla.com /release.cfm (653 words)

	Scottish Equitable
		Scottish Equitable is to replace its network of 28 independent financial advice branches with 17 enlarged sales centres over the next five months, with the loss of 200 jobs.
		Scottish Equitable is considering plans to set up a new London head office at the 60,000 sq ft GTS House on Shaftesbury Avenue, in order to consolidate five existing offices.
		Scottish Equitable is renaming its investment division to Scottish Equitable Asset Management as part of a plan to expand its fund management business by increasing its share of the pooled pension funds market.
	www.ukbusinesspark.co.uk /sce88237.htm (294 words)

	CBS News \| Equitable Life Drops Suit Vs. Ernst & Young \| September 22, 2005 12:14:01
		Equitable, Britain's oldest mutually owned insurance company, almost failed in 2000 under the weight of liabilities of 1.1 billion pounds (then $1.6 billion) amassed as a result of selling pension policies that guaranteed annuity payments of up to 11.5 percent.
		Equitable claims that had it known of its true position, it would have put the company up for sale in 1998.
		Equitable said its finances have stabilized since a new board took office in early 2001.
	www.cbsnews.com /stories/2005/09/22/ap/business/mainD8CPA0780.shtml (595 words)

	The Equitable Family
		At the center of The Equitable Triangle is the individual.
		Unlike the pyramids of the ages, all faces of The Equitable Pyramid are equal.
		Equitable Life & Casualty reaches a milestone as we embrace the first decade of the 21st Century...
	www.equilife.com /about/family.html (243 words)

	BB&T to Acquire Equitable Bank of Wheaton, Md. (Site not responding. Last check: 2007-10-20)
		Equitable board members will be asked to serve on local BB&T regional advisory boards.
		The merger, which is subject to regulatory and Equitable Bank shareholder approval, is expected to be completed in the first quarter of 2003.
		BB&T and Equitable Bank filings with the SEC are also available to the public from commercial document-retrieval services and on the SEC's web site at http://www.sec.gov.
	www.prnewswire.com /cgi-bin/stories.pl?ACCT=104&STORY=/www/story/09-27-2002/0001807972&EDATE= (885 words)

	Equitable Distribution Rules - District 21 (Site not responding. Last check: 2007-10-20)
		In the event that a backlog of equitable distribution cases should occur, additional equitable distribution terms of court may be scheduled in the discretion of the Chief District Court Judge.
		(3) Although equitable distribution actions may be filed at any time subsequent to the date of the separation of the parties, a pre-trial conference shall not be calendared by the Equitable Distribution Courtroom Clerk until after the entry of a judgment of absolute divorce.
		A printed calendar shall be mailed or otherwise made available to the parties or their respective counsel in advance by the Equitable Distribution Courtroom Clerk, and all parties and their respective counsel are expected to appear in court on the date and at the time indicated on the said calendar.
	www.aoc.state.nc.us /www/public/courts/forsythedrules.html (1114 words)

	Repossessions & Recovery in the Midwest: Equitable Services.
		It begins with the ability to locate your collateral and continues until that matter is brought to a cost effective resolution.
		The President of Equitable Services, Inc., Kevin McGivern is dedicated to the recovery industry.
		As a result, this web site is dedicated to providing you with helpful information about Equitable Services in order that you may make an informed decision on when selecting your next recovery assignment.
	www.equitableservices.com (204 words)

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