Archive for the 'nationalisation' Category

R (SRM Global Master Fund LP) v Commisioners of HM Treasury; R (RAB Special Situations (Master) Fund Ltd v Same; R (Grainger and others) v Same – WLR Daily

R (SRM Global Master Fund LP) v Commisioners of HM Treasury; R (RAB Special Situations (Master) Fund Ltd v Same; R (Grainger and others) v Same [2009] EWCA Civ 788; [2009] WLR (D) 267

“The statutory scheme established to compensate shareholders subsequent to the nationalisation of Northern Rock plc, on the basis of the assessment of the valuation of the shares by means of the statutory assumptions provided for in s 5(4) of the Banking (Special Provisions) Act 2008, did not violate the shareholders’ right to the protection of their property guaranteed under art 1 of the First Protocol to the Convention for the Protection of Human Rights and Fundamental Freedoms. Those statutory assumptions struck the balance, required by the Convention, between the demands of the general interest of the community and the requirements of the protection of the individual’s fundamental rights.”

WLR Daily, 30th July 2009

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Treasury faces legal action over ‘dirty’ banking investments – The Guardian

“Campaign groups say bank bailout breaches government’s own policies on reducing carbon emissions by lending money to coal, oil and gas companies.”

Full story

The Guardian, 1st July 2009

Source: www.guardian.co.uk

Northern Rock rescue ‘did not limit competition’ – The Times

“The Office of Fair Trading (OFT) has concluded that nationalising Northern Rock has had no ‘significant adverse’ impact on competition across financial services.”

Full story

The Times, 10th March 2009

Source: www.timesonline.co.uk

SRM Global Master Fund LP v Commissioners of HM Treasury; RAB Special Situations (Master) Fund Ltd v Same; Grainger and others v Same – WLR Daily

SRM Global Master Fund LP v Commissioners of HM Treasury; RAB Special Situations (Master) Fund Ltd v Same; Grainger and others v Same [2009] EWHC 227 (Admin); [2009] WLR (D) 55

“Ss 5(4) and 9(2) of the Banking (Special Provisions) Act 2008 and art 6 of the Northern Rock plc Compensation Order 2008 (SI 2008/718), the provisions establishing the assumptions upon which valuation of shares was carried out under a scheme for compensating shareholders subsequent to the nationalisation of Northern Rock plc, did not infringe the shareholders right to peaceful enjoyment of their possessions under art 1 of the First Protocol to the Convention for the Protection of Human Rights and Fundmamental Freedoms (set out in Pt II of Sch 1 to the Human Rights Act 1998).”

WLR Daily, 16th February 2009

Source: www.lawreports.co.uk

Please note once a case has been reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Shareholders in Northern Rock set to keep fighting – The Times

“The former shareholders of Northern Rock are expected to go to the Court of Appeal after failing yesterday in their challenge to the Government’s compensation scheme, which saw their shares valued at almost nil.”

Full story

The Times, 14th February 2009

Source: www.timesonline.co.uk

Rock investors lose court case – BBC News

“Former Northern Rock shareholders have lost their legal challenge to the government’s plan to compensate them.”

Full story 

BBC News, 13th February 2009

Source: www.bbc.co.uk

Hospital at fault over baby death – BBC News

“A couple from Worcestershire have received a five-figure pay out after hospital staff missed warning signs that led to their baby’s death.”

Full story 

BBC News, 22nd January 2009

Source: www.bbc.co.uk

Shareholders challenge ‘unlawful’ Northern Rock bailout – The Times

“Northern Rock was secretly given a ‘substantial’ valuation by the Government while shareholders received nothing in compensation when it was nationalised, the High Court was told yesterday.”

Full story

The Times, 14th January 2009

Source: www.timesonline.co.uk

Northern Rock considers legal action against former board – The Times

“Northern Rock has confirmed that its new bosses have launched an investigation into whether legal action can be taken against the now-nationalised bank’s former board.”

Full story

The Times, 18th June 2008

Source: www.timesonline.co.uk

High Court pressed for early hearing on Rock shareholders’ battle with Treasury – The Times

“The Government has called for an early hearing of the court case in which Northern Rock shareholders are suing the Treasury over the nationalisation of the bank, The Times has learnt.”

Full story

The Times, 7th June 2008

Source: www.timesonline.co.uk

Treasury picks trio of QCs to fight Rock case – The Times

“The Government has lined up three of the highest-paid QCs in the country after deciding to try to force an early High Court hearing with disgruntled Northern Rock shareholders who are suing the Treasury over the nationalisation of the bank, The Times has learnt.”

Full story

The Times, 4th June 2008

Source: www.timesonline.co.uk

Rock shareholders begin legal bid – BBC News

“Shareholders in nationalised bank Northern Rock are launching a court challenge over compensation they are due to receive.”

Full story

BBC News, 8th May 2008

Source: www.bbc.co.uk

Small shareholders seek judicial review over Northern Rock compensation – The Times

“Northern Rock’s small shareholders will take High Court action against the Treasury within weeks after the Government’s lawyers rejected their plea for compensation.”

Full story

The Times, 24th April 2008

Source: www.timesonline.co.uk

Northern Rock shareholders prepare legal challenge for violation of human rights – The Times

“Northern Rock’s army of small shareholders took their campaign for compensation to the courts yesterday as they accused the Government of abusing their human rights by nationalising the stricken mortgage lender.”

Full story

The Times, 20th March 2008

Source: www.timesonline.co.uk


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