Northern Rock Compensation
Share Holders in Northern Rock are about to begin a legal challenge over compensation. It will be asked that a legal review be carried out over the terms of National Rock's nationalisation.
The UKSA (UK Shareholders Association) are aiming to get about £5
per share - the would-be investment value had the Government not supported the bank - although it fears that investors may get much less. Around 7,000 shareholders are involved in backing the action according to the UKSA.
Many of the
shareholders were employees of the company. David Greene of Edwin Coe solicitors, a firm representing some of the shareholders, said,
"Right to the end, there were private bidders who were willing to purchase Northern Rock ... Shareholders had no reason to believe there would be nationalisation."