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Step up in Northern Rock compensation pressure
NORTHERN Rock shareholders last night moved to increase pressure on the government to compensate them for their losses when the back was nationalised.
The Rock's UK Shareholders Association (UKSA) filed a "letter before action", the first step towards winning a judicial review of ministers' decisions. Shareholders argue that the government "rigged" the share valuation, putting them in line for just 5p or less per share.
At a press conference in London yesterday, UKSA claimed that the compensation figure should be nearer 5.
As many as 30,000 of the bank's 150,000 shareholders could back its court case. The UKSA argues that, in commercial disputes, anyone who damages the value of a business should not benefit as a result of any later valuation of that business.
They are to suggest the government and its agencies caused many of the problems that Northern Rock faced.
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Weather for Edinburgh
Thursday 24 May 2012
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Temperature: 12 C to 21 C
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