R (SRM Global and others) v Her Majesty's Treasury

On Tuesday 28th July, the Court of Appeal handed down judgment in the Northern Rock litigation: R (SRM Global and others) v. Her Majesty’s Treasury.  The Court of Appeal upheld the judgment of the Divisional Court that the Government was entitled to include, as valuation assumptions applying to the calculation of any compensation due to the shareholders in Northern Rock when the bank was taken into public ownership, terms requiring the Valuer to assume that all public support for Northern Rock had been withdrawn and that it was in administration.  The Court held that there was no violation of Article 1 of Protocol 1 of the European Convention on Human Rights.  David Pannick QC and Claire Weir acted for the hedge fund SRM; Michael Beloff QC and Iain Steele for the hedge fund RAB Special Situations (Master) Fund Ltd; Tom de la Mare for the small shareholders; and Javan Herberg for the Treasury.