Northern Rock: Court of Appeal Judgment
Harbinger Capital Partners v Caldwell and Another  EWCA Civ 492
The Court of Appeal has ruled that the independent valuer tasked with valuing the shares in Northern Rock at the date of its nationalisation was correct to hold that those shares were worthless.
The Judgment will be a blow to any shareholders who might have hoped for compensation for the bail-out. It also provides some guidance as to the correct approach to take in valuation cases generally.
See Rachel Tandy’s Alerter here.