The troubled insurer is also in the process of suing its former auditor Ernst & Young for negligence.
Equitable's troubles came to light in 1999, when the insurer advised that it was not in a position to pay out guaranteed pensions previously promised to policyholders. The matter eventually went to court and the ruling went against the insurer, who was forced to pay out around £1.5bn in guaranteed pension payments.
The company closed to new business after the court ruling in December 2000.
Directors Sued For £3bn
Equitable Life is to sue 15 former directors for £3bn, claiming that their actions or inactions resulted in the heavy losses evenually suffered by many of its policyholders.
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