London - Shareholders of UK-nationalised bank Northern Rock have taken their quest for compensation to the High Court, challenging the way the government nationalised Northern Rock in February 2008. They must now await a judgement after a three-day hearing reached no conclusion. Shareholders argued that the UK Treasury gave Northern Rock a flawed valuation, treating it as though already in administration, rendering their stock worthless. The complaint treats this as an unfair confiscation of property, in violation of human rights legislation. Northern Rock's largest investor, hedge fund SRM Global, brought the case, together with another hedge fund RAB Capital, and a further 150,000 private investors.
More on Regulation
NCDEX finds itself in conflict with government clearing house proposals
Regulator set to focus on backtesting and replicability of index products
2015 rules promise oversight increase
Recent Iosco consultation paper aims to better co-ordinate global regulation
Sign up for Risk.net email alerts
Oxford professor David Vines argues that the carrot is as important as the stick
Sponsored webinar: IBM
Watch highlights of this year's London conference
Operational risk and the challenges of defining and dealing with conduct risk
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.