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More than 400 claimants have settled a mis-selling claim against Equitable Life because of the financial complexities of the case.
The 407 claimants, who had an average age of 74, alleged Equitable Life sold them life insurance annuities between 1990 and 2000 but failed to explain the risks involved with the financial product.
They also claimed the insurer failed to explain the risk of being dependent for their income on Equitable Life’s with-profits fund and the weaknesses of that fund.
The group action was due to be heard in the High Court later this month (28th January).
Clarke Willmott established a special purpose company, Equitable Life Trapped Annuitants, to handle the claims.
Financial services litigation partners Robert Morfee and Paul Chapman led the action with support from commercial dispute resolution partners, William Whiteley, Michael Clarke and senior associate Owen Williams.
Lovells partner Alibhe Edgar acted on behalf of Equitable Life.