LONDON – A British tribunal has ruled that shareholders in mortgage lender Northern Rock were not owed any compensation following the nationalization of the bank during the credit crisis.
Northern Rock was Britain’s first victim of the credit crisis, and the first to be rescued by taxpayers when it was nationalized in February 2008.
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Shareholders had challenged an independent valuer’s decision that Northern Rock shares were worthless after the value of government aid was deducted.
The decision by the Upper Tribunal Tax and Chancery Chamber affirming the valuer’s judgment was published Thursday.
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