SRM Global loses Northern Rock compensation appeal

Times Online – SRM Global, the hedge fund that became the largest shareholder in Northern Rock, said yesterday that it would continue its fight for government compensation after losing its second legal challenge.

The fund, which owned 11.5% of Northern Rock, is leading a legal campaign claiming that the Treasury’s compensation scheme, which values former shareholders’ stakes at close to zero, is “unlawful and unfair”.

The legal action was launched in conjunction with RAB Special Situations, another hedge fund, and about 200,000 small shareholders in Northern Rock, many of them former employees of the lender.

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