Northern Rock Judgment
29/07/09
SRM Global Master Fund LP (2) RAB Special Situations (Master) Fund Ltd (3) Dennis Grainger & Ors v Treasury Commissioners
11KBW barristers Clive Lewis QC and Paul Nicholls were members of the team of barristers, led by Jonathan Sumption QC and also including Javan Herberg, who were instructed by the Treasury to resist claims brought by former Northern Rock shareholders that the statutory provisions enacted to determine any compensation which they would receive for their shares breached Article 1 of the First Protocol to the Convention. The Court of Appeal upheld the Divisional Court’s dismissal of the shareholders’ claims. The Court held that the assumptions which the valuer of Northern Rock shares was required to make pursuant to the Banking (Special Provisions) Act 2008 s.5(4) did not violate the rights of shareholders under Article 1 of the First Protocol. The shareholders were refused permission to appeal, but have indicated a wish both to appeal to the Supreme Court and to take the case to the European Court of Human Rights.
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