IN BRIEF: NRG drops action against bank

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The Independent Online
NRG drops action against bank

NRG, the Dutch reinsurance company and subsidiary of ING, has withdrawn without reservation allegations that Swiss Bank Corporation was negligent in its advice on the pounds 122m purchase of Victory Reinsurance and three associated companies from Legal & General in 1990. The High Court case, in which NRG was claiming pounds 375m damages against SBC, accountants Ernst & Young and actuaries Bacon & Woodrow, had been hailed as a potential legal landmark. NRG's action, which has been in court for 84 days, is continuing against Bacon & Woodrow and Ernst & Young.