The claimant alleged that the methods chosen for the nationalisation of Northern Rock plc infringed its human rights in providing unfair compensation.
Held: The claim was dismissed. The provision made by the 2008 Act did not infringe the claimants’ human rights to peaceful enjoyment of their possessions. The assumptions underlying the compensation scheme provided in the Act were not unfair. The state having already financially supported the bank in securing its debts to its customers could not have an additional duty to protect the interests of its shareholders.
Judges:
Stanley Burnton LJ, Silber J
Citations:
[2009] EWHC 227 (Admin), [2009] BCC 251, [2009] UKHRR 712, [2009] WLR (D) 55, WLRD 13-Feb-2009
Links:
Statutes:
European Convention on Human Rights, Banking (Special Provisions) Act 2008 5(4) 9(2)
Jurisdiction:
England and Wales
Banking, Human Rights
Updated: 22 November 2022; Ref: scu.293921