From The BBC:
Former Northern Rock shareholders have lost their legal challenge to the government’s plan to compensate them.
In the High Court last month they argued the government had deliberately undervalued the bank in the run up to its nationalisation last year.
This had infringed their human rights, they argued, and meant they would now receive nothing.
A firm of accountants is assessing how much the shares were worth and how much compensation should now be paid.
“We have come to the conclusion that the provisions made for the compensation of the shareholders of Northern Rock do not infringe their rights,” said Lord Justice Stanley Burnton, one of the two judges hearing the judicial review.
Disappointed
The Northern Rock collapsed at the start of the international credit crunch in the autumn of 2007 after savers staged a nationwide run on the bank after it had sought financial aid from the government.
Please turn on JavaScript. Media requires JavaScript to play.
Roger Lawson, Shareh…
Leave a Reply