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NR shareholders poised to launch legal action

A legal battle between Northern Rock shareholders and the government took a step closer yesterday after Treasury lawyers rejected investor pleas for fair compensation.

The UK Shareholders’ Association will now seek a judicial review of the decision to base payouts on the assumption that the bank was unable to continue without pubic support.

The UKSA says this would leave shares in the group almost worthless.

It hopes the review, expected in nine months time, will force ministers to rethink the valuation of the business.


KGB Packaging asks lenders to declare position

Following ongoing lender closures, KGB Packaging is appealing to mortgage lenders to declare their intentions with regard to remaining active in the UK mortgage market and supporting the intermediary distribution route.Rachel Bancroft, managing director at KGB, says: “I believe that the good news cannot start until all the bad news is finished. We all want […]

Leadbay slashes LTVs on leads

Leadbay has reduced the LTVs on its leads for the second time in two months and is insisting that borrowers have realistic deposits that lenders are likely to accept.The lead generation firm says it ensures borrowers have realistic deposits in place for every mortgage type or it won’t offer them as leads.Leadbay says this means […]

US: mid-year review and outlook

By Felix Wintle, Manager of the Neptune US Opportunities Fund H1 2014 Economic data: after last year’s strength, economic data has disappointed. Indeed, the economy contracted 2.9 per cent in the first three months of the year — the US economy’s worst performance for five years. However, rather than a symptom of underlying economic weakness or […]


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