Rock shareholders’ case won’t be heard

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WEARSIDERS who had shares with Northern Rock will not be allowed to take their case before judges, it has been announced.

In a decision by the European Court of Human Rights, the shareholders campaign group have been told they will not be allowed to have their case heard or appeal the decision.

The news brings to an end a long-running battle for compensation after the bank was nationalised in 2008.

Campaigner Dennis Grainger said 150,000 small shareholders have been left devastated by the ruling.

He said: “It beggars belief that it has taken this court more than two years just to say the case cannot even be heard or considered further.

“We are also given absolutely no right of appeal or even any further query of the decision whatsoever.

“Our case that we were unfairly treated appears to have been ignored completely.

“I can only suspect that this must be a political decision affected by anxiety about the Eurozone crisis.”

Mr Grainger added that Northern suffered “unique discriminination” in being treated differently than other banks.

“I and probably all 150,000 small shareholders can have only contempt and revulsion for the incompetent and disingenuous Brown Government.

“They failed miserably, but even worse, they sought advice that they would and will yet make a 
profit from seizing the Rock for zero, at the expense of shareholders, who have only ever asked for fairness.

“This was not the way a British Government, nor any government, should have acted or behaved.”

Mr Grainger said he now wants a full inquiry into the nationalisation of the bank.

He added: “The time is now right for the Coalition to review the whole Rock handling and put right the obvious injustices done to the small shareholders by the last Government.”

In late 2009 the UK’s Court of Appeal threw out an attempt to overturn the Government’s “zero return” compensation scheme and refused any appeal against the decision.

It left campaigners with Europe as the only option in their fight to get their money back.

Twitter: @davidallison88