Former Northern Rock shareholders aiming to win back the losses they made when the bank was taken over by the government have seen their demand for compensation dismissed at the London Court of Appeal.
The shareholders and two hedge funds had argued that the government compensation offered at the time, had undervalued their shares, and breached their human rights.
In February the High Court had ruled against the shareholders, rejecting a demand for a judicial review of the scheme and yesterday the appeal court agreed and upheld the ruling.
But Jon Wood, spokesman for SRM Global said the investors would continue their fight.
“We are encouraged that the Court of Appeal’s judgment acknowledges the real force of our arguments. We embarked upon this legal challenge in the full expectation that it would be a lengthy process. We are determined to see it through to its conclusion,” he said in a statement.
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