Although the appeal by SRM Global and other former shareholders in the Northern Rock case was rejected by the Court of Appeal, the litigation continues and may ultimately go to Europe.
The shareholders were appealing against the Divisional Court’s decision to refuse a judicial review of the fairness of the Government’s scheme to compensate former shareholders. SRM will be seeking permission to appeal to the House of Lords. After such an appeal, or if permission is refused, appeal lies to the European Court of Human Rights in Strasbourg.
“We are encouraged that the Court of Appeal’s judgment acknowledges the real force of our arguments,” says Jon Wood of SRM Globa. “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.”
D.C.