Policyholders at Equitable Life could face a legal bill of more than £75m if Britain's oldest mutual fails to win the long-running litigation it is bringing against auditors Ernst & Young and 15 former directors.

It is understood that details of the new estimates for the costs incurred and expected by all parties will be revealed at a day-long "case management conference" in London's High Court today. This has been called to discuss final arrangements for the blockbuster trial, which is due to start in April and to last for at least six months.