Monday, 10 October 2011

UK: Tribunal rules in Northern Rock shareholders compensation case

The Upper Tribunal (Tax and Chancery Chamber) Financial Services gave its opinion last Thursday in Northern Rock Applicants v Caldwell and HM Treasury [2011] UKUT 408 (TCC): see here (pdf). A summary, produced by the Tribunal, is available here (pdf) and another summary, provided by the ICLR, is available here. The applicants made various arguments, none of which the Tribunal accepted, regarding the basis on which the independent valuer had valued their shares. The Tribunal therefore held that the nil valuation given to the shares should stand.

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