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Article: Equitable Life seeks High Court's sanction for plan.(Business)
- Article from:
- The Birmingham Post (England)
- Article date:
- February 5, 2002
CopyrightCOPYRIGHT 2002 Birmingham Post & Mail Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The compromise scheme drawn up by troubled mutual Equitable Life to close a pounds 1.06 billion black hole in its pensions liabilities was presented to a High Court judge for his approval yesterday.
Lawyers for Equitable told Mr Justice Lloyd that although 30 individual policyholders were objecting to the scheme, it had the support of about 98 per cent of members - in terms of both numbers and value - who voted at meetings held last month.
Gabriel Moss QC said the scheme was designed to bring to the society and all its withprofits ...