Northern Rock shares ‘valueless’

An independent valuer said on Tuesday that shareholders of UK lender Northern Rock should not be entitled to any compensation after their investments were wiped out when the bank was nationalised two years ago. Andrew Caldwell, a partner at accountants BDO Stoy Hayward, who was appointed by the UK Treasury last year to examine Northern Rock, said there was no value in the bank’s shares. Investors, led by hedge funds SRM Global and RAB Special Situations, have been fighting for compensation and still hope to take the issue to the Supreme Court and if necessary,on to the European courts.