NORTHERN Rock shareholders
have threatened to sue the Government
if they are not paid the
level of compensation they say
they are entitled to.
The UK Shareholders Association
(UKSA) took the first steps
toward a judicial review by filing
a letter before action.
Shareholders want payback for
the compulsory purchase of their
shares, claiming the Government
has put them in line for only five
pence or less per share.
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That figure should be nearer
£5, they said at a central London
press conference.
As many as 30,000 of Northern
Rock's 150,000 shareholders
could back the association's
court case, accusing the Government
of a breach of human
rights.
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.
The organisation will suggest
the Government and its
agencies caused many of the
problems the bank faced.
Roger Lawson, from UKSA,
said: "The bank has never been
bankrupt. It is not a bust business
and it has never been in administration
and will recover."
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