The insurer is claiming that E & Y should never have signed off its accounts due to the huge liabilities it was potentially facing from guaranteed pensions.
The High Court ruled in 2000 that the insurer was liable to pay out the guaranteed pensions, which will amount to around £1.5bn. Equitable closed to new business after the court ruling.
The insurer is soon to make a decision about whether it will sue 19 former directors.
Ernst & Young have said that they 'are confident that there is no basis for this claim.'
The Equitable Life filed a claim in the High Court Monday suing former auditor Ernst & Young (E & Y) for up to £2.6bn.
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