Rock shareholders consider legal action

The UK Shareholders Association (UKSA), which is representing many of Northern Rock’s shareholders, says it does not believe the Government’s proposed valuation procedure is fair and unbiased. The UKSA says the Treasury’s draft Northern Rock Compensation Scheme Order 2008 requires a valuer to assume the bank is “unable to continue as a going concern and is in administration". Roger Lawson, communications director at the UKSA, says: “In our view it is grossly unethical to set the terms of reference in this way when clearly the company is not in administration and is a going concern. It wou...