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Equitable Life Must Avoid Wasting Limited Funds On Legal Action - Cable

4.01.01pm BST (GMT +0100) Wed 28th Apr 2004

Commenting on news that a group of Equitable Life policy holders is planning on suing the society to reclaim their losses, Liberal Democrat Shadow Chancellor Dr Vince Cable said: "Annuitants are the biggest victims from the failure of Equitable Life as they are trapped within the company, and it is understandable why they intend to sue."

"However, it would be unfortunate if limited funds within Equitable Life were used up in fighting legal actions, which will not necessarily put annuitants in any better position."

"Annuitants need to secure a redress from the Ombudsman, and as she has asked to consider new submissions, this is something that should be seized upon."

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