A group fighting for compensation for 150,000 Northern Rock shareholders whose shares were seized in the lender’s 2007 collapse and nationalisation is to resuscitate its campaign.
The Northern Rock Shareholder Action Group accused the government of grabbing profits of as much as £9 billion after it took control of the mortgage bank in the wake of a depositor run.
It has called on the cross-party Commons’ Treasury select committee to review the decision by the Treasury to confiscate Northern Rock shares with no compensation, saying that the bank’s £100 billion mortgage book had turned out to be extremely valuable.
Hopes of any compensation were dashed 12 years ago after the European Court of Human Rights dismissed the action, saying that the case was inadmissible. An
