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The independent action group for current and ex Equitable Life policyholders, funded by contributions. Equitable Members Action Group Equitable Members Action Group Limited, a company limited by guarantee, number 5471535 registered in the UK |
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The independent action group for current and ex Equitable Life policyholders, funded by contributions. Equitable Members Action Group Equitable Members Action Group Limited, a company limited by guarantee, number 5471535 registered in the UK |
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Press Releases: 02/12/2005 - EMAG's immediate reaction to the end of litigation. EMAG press release 2 December 2005Vanni Treves - the WASTER: The promise of BILLIONS in compensation, held out to policyholders for four years, finally hit the rocks today and STILL the Society seeks to distract policyholders and journalists alike with more deplorable smoke and mirrors. Vanni Treves’ litigation has collapsed from a shambles into a monumental climb-down – leaving policyholders with shattered dreams, stuffed with a bill of £45m. The members have every right to expect their non-executive directors to act now as they should under the circumstances. Paul Braithwaite, general secretary of EMAG, commented: “Vanni Treves’s stewardship wasted opportunities and wasted tens of millions. For four years he rejected every EMAG initiative in holding the Government to account, in favour of ill-conceived litigation - with grandstanding promises of illusory billions. Litigation isn’t a strategy, it’s a rich man’s game that policyholders could ill afford. Having failed so ignominiously, Vanni Treves is shown up to be a waster who can’t be trusted with the Society’s future. Earlier this week EMAG wrote to ask the FSA to intercede, to seek to ensure that policyholders are protected from a chairman hell-bent on a fire sale.” Paul Braithwaite |
