Former Equitable directors sued

MUTUAL insurer Equitable Life is launching £3bn lawsuits against 15 of its former directors in their personal capacity. They include former executives Roy Ranson, Alan Nash and Chris Headdon, at the helm when Equitable embarked on the road to disaster.

Former non-execs being sued include veteran City grandees John Sclater, outgoing chairman of Foreign & Colonial, and Peter Sedgwick, chairman of fund manager Schroders.

Equitable is also suing former Millennium Dome boss Jennie Page. Another in the line of fire is Peter Davis, the former chief of Lottery regulator Oflot, ousted four years ago after it emerged he had accepted free flights from Camelot's US parent. The others are Roger Bowley, Shaun Kinnis, Peter Martin, David Price, Jonathan Taylor, David Thomas, Alan Tritton and David Wilson. The insurer has already announced legal proceedings against former auditor Ernst & Young.

New chairman Vanni Treves said: 'The actions or inactions of these former directors caused many policyholders substantial loss.' He added that the board had taken 'careful consideration' of the costs, to be met from policyholders' funds.

Experts said the case may take years to resolve.