Northern Rock execs will not face legal action

Losses & Lawsuits

LONDON - Former executives at nationalised UK bank Northern Rock will not face legal action, according to a management-commissioned study by Freshfields and KPMG. It found insufficient grounds to proceed against former chief executive Adam Applegarth and his colleagues for negligence.

The bank's former business model of using wholesale money markets to fund expansion of its mortgage lending was condemned as reckless by the media and government ministers. A UK government Treasury Select Committee criticised Applegarth's leadership in particular. The bank says it has paid back more than half the £26 billion loaned to it in its February nationalisation.

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