“The statutory scheme established to compensate shareholders subsequent to the nationalisation of Northern Rock plc, on the basis of the assessment of the valuation of the shares by means of the statutory assumptions provided for in s 5(4) of the Banking (Special Provisions) Act 2008, did not violate the shareholders’ right to the protection of their property guaranteed under art 1 of the First Protocol to the Convention for the Protection of Human Rights and Fundamental Freedoms. Those statutory assumptions struck the balance, required by the Convention, between the demands of the general interest of the community and the requirements of the protection of the individual’s fundamental rights.”
WLR Daily, 30th July 2009
Source: www.lawreports.co.uk
Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.
