Corporate & Securities Law

Court in session: In re Northern Rock Plc

By Werner R. Kranenburg

The trial pitting former shareholders of Northern Rock Plc against the UK Government has kicked off yesterday. (previous post) The Government nationalised the bank early last year and the issue of this judicial review is the level of compensation its shareholders are due under the Banking (Special Provisions) Act 2008. A selection of the many press articles on the case: Legal Week, The Lawyer, FT and The Times.

Among other players are Lord David Pannick QC of Blackstone Chambers (instructed by White & Case LLP) for SRM Capital, one of the bank’s two biggest shareholders at the time (also see The Times); George Bompass QC of 4 Stone Buildings (instructed by Edwin Coe LLP) for the 150,000 individual shareholders that account for 25% ownership; and Lord Anthony Grabiner QC of One Essex Court (instructed by Slaughter and May) for the Commissioners Of Her Majesty’s Treasury.

The trial is scheduled for three-and-a-half days, to end Friday, at the Administrative Court (situated at the Royal Courts of Justice). Catch it while you can.

Full post as published by With Vigour and Zeal on January 14, 2009 (boomark / email).