Possible Court Action
EQ lied to Irish investors, selling the notion that the Irish fund was separate. When the *!*! hit the fan these same people were told that they were part of the main fund. EQ has an exposure:
1. It's Irish reps may be willing to give evidence supporting the above since they too were misinformed by their English management.
2. Irish "members" were never given financial accounts, agm notices, ballot papers etc.
3. Irish policies were issued under Irish law.
I expect that this will be tested in the Irish courts. If an Irish court rules that the Irish fund was separate, that it was sold this way, and much like a UL fund should not be raided to prop up the UK WP fund, the case may hold. Sure, a lot of investors invested very large amounts like €1million plus, and many have bailed out taking the exit pain. But that doesn't mean that there isn't an actionable case against EQ for misselling at the very least. Nor does the scale of a persons wealth preclude them from support in this issue. There is also a great many ordinary investors.
I am increasingly of the view that EQ has a specific charge to defend against its actions in Ireland, and shouldn't be let get away with it, just because it hovered up the investor that chose to bypass Irish intermediaries and Irish life offices. The DETE has also been of little support.
These are fellow citizens that look to have been burned by an industry participant, and I don't think criticism of them is well judged. I hope they win their case.