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09 May 2008
A hedge fund and 150,000 small Northern Rock shareholders intensified their push for greater compensation from the government following the nationalisation of the Newcastle-based lender.
SRM Global, the Monaco-based fund which held 11.5% of Northern Rock, has joined the UK Shareholders Association, representing private investors who had a 25% stake, to formally ask the High Court to investigate the legality of the conduct of the government, the Bank of England, HM Treasury and the Financial Services Authority.
Moreover, they are demanding a review of the government’s proposed compensation scheme, criticising it for mishandling the lender’s nationalisation and for acting unfairly.
The Financial Times reports HM Treasury has a firm view the statutory framework for the assessment of compensation, including the assumptions which the valuer will apply, represents 'a fair and reasonable basis for determining any compensation payable to former shareholders'.
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Briefings
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