Northern Rock's shareholders have lost their legal battle to receive compensation from the Government
When the struggling bank was nationalised almost a year ago, the Government worked on the assumption it would be worthless without the support of taxpayer loans, and decided it would not compensate investors for their shares.
The court case was instigates by two of Northern Rock's biggest shareholder, the hedge funds SRM and RAB, Legal & General, and an association of smaller shareholders.
They argued the Government's valuation of the bank and its forced nationalisation was unfair to investors as it meant they would end up with nothing.
A firm of accountants is now assessing the value of the shares and will decided how much compensation, if any, is due to former shareholders.
Contact: John Bakie, Tel: 020 7484 9805, e-mail: [email protected]IFAonline
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