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Northern Rock compensation appeal rejected

Former shareholders in Northern Rock had their appeal for a judicial review seeking compensation from the Government rejected by the Court of Appeal today.

SRM Global, RAB Capital and a group of private investors were appealing against the Divisional Court’s decision to refuse a judicial review of the fairness of the Government’s scheme to compensate former shareholders.

They were seeking compensation from the Government for shares which they say were rendered worthless when Northern Rock was nationalised.

SRM says it will be seeking permission to appeal to the House of Lords and if this is refused, it will take the appeal to the European Court of Human Rights.

SRM Global’s Jon Wood says: “We are encouraged that the Court of Appeal’s judgment acknowledges the real force of our arguments. We embarked
upon this legal challenge in the full expectation that it would be a lengthy
process. We are determined to see it through to its conclusion.”

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