Northern Rock's small shareholders will take High Court action against the Treasury within weeks after the Government's lawyers rejected their plea for compensation, The Times reports.
The Treasury is also thought to have dismissed similar compensation claims from SRM Global and RAB Capital, the Rock’s two biggest institutional shareholders. The UK Shareholders Association (UKSA) said yesterday that it would submit an application to the Administrative Court, part of the High Court, by May 22 for a judicial review. CREDIT SUISSE TODAY SHOCKED investors with the continuing depth of the credit crunch by posting a further Sfr5.3bn (£2.63bn) in write downs and a net loss of Sfr2.15bn in the first quarter - worse than expected, The Guardian reports. The Swiss bank underlin...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
