An equitable solution for non-executive directors?

The seemingly never-ending Equitable Life litigation has finally and inevitably collapsed amid repeated calls for resignations, accusations of inflated damages claims and a general feeling that the case should never have made it to court in the first place. Understandably, much of the sympathy has fallen on Equitable's policy holders who saw £45 million of their investment dissipated in lawyer's fees. The crowing exhibited by Ernst & Young and their legal team did little to encourage us to sympathise with their claims that the combination of “deep pockets” and joint and several liability makes auditors easy targets for inflated damages claims. The Penrose Report demonstrated in no uncertain terms that some of the directors involved undoubtedly contributed to the débâcle that this litigation concerned.