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Class action firm Cohen Milstein Hausfeld & Toll is considering launching legal proceedings on behalf of a million Equitable Life policyholders after the parliamentary ombudsman said they should be compensated.
The ombudsman Ann Abraham held that policyholders had been victims of “a decade of regulatory failure” and urged the Government to compensate them for losses incurred after Equitable almost collapsed eight years ago.
Cohen Milstein consultant Ingrid Gubbay said Equitable Life policyholders are among the most vulnerable members of society.
“[They are] elderly retirees who diligently attempted to provide for their old age and now are living and dying in poverty,” said Gubbay. “If Equitable Life victims are not fully and speedily compensated for these failures, consumer confidence in the regulators and financial products will suffer another blow.”
Cohen Milstein’s decision to pursue claims for Equitable Life comes as the Treasury today (18 July) launched a consultation into extending the statutory regime on liability for fraudulent misstatement by issuers.
The consultation is in response to Professor Paul Davies QC’s review last year that recommended that the scope of the system should be extended to provide greater security for both investors and issuers.