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10 Jun 2009
Former Northern Rock shareholders will challenge the government's compensation terms in the High Court, today.
Following the nationalisation of the bank in February, shareholders fear the Treasury's terms would result in little or no compensation and believe it prejudices a valuation of Northern Rock by accountants BDO Stoy Hayward.
The case, which is expected to run for three days, is being brought by SRM Global, RAB Capital, and a group of private shareholders. SRM, the largest share-holder, has so far argued for a 400p a share, reports the Telegraph.
The action is also supported by Legal & General, the third-largest institutional shareholder.
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