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    Northern Rock shareholders take government to High Court

    Northern Rock shareholders take government to High Court

    Former shareholders in nationalised bank fear little or no compensation from Treasury

    Author Date published June 10, 2009 Categories

    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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