"I will find out what's in that settlement and I will get my equitable share of that settlement, because I did the majority of the work to get to where we are, " he said.

CNN: STORY HIGHLIGHTS

If Equitable wins a big settlement, the consequences could be far-reaching.

ECONOMIST: Equitable Life sues its auditors and ex-directors

"In assessing those recommendations, we will need to test not only whether the proposals are in the financial interest of the Welsh people but also whether they pass the test of enabling an equitable and sustainable financial settlement for the whole of the UK, " Mr Smith said.

BBC: Wales politics

With the support of a "more equitable system of devolution finance" the set-up could "provide the basis for a new constitutional settlement for Wales within a restructured UK", he said.

BBC: Welsh assembly's 'new power after Scots independence'