Bradford & Bingley shareholders step up battle for compensation over its nationalisation
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Investors hit by the nationalisation of one of Britain’s biggest mortgage lenders are set to step up their fight for compensation next month.
The Bradford & Bingley Shareholder Action Group will appeal against a ruling made by the Information Commissioner’s Office preventing it from accessing official documents linked to the company’s collapse at the height of the credit crunch in 2008.
Bradford & Bingley, which was highly exposed to the troubled buy-to-let mortgage market, ran into difficulties when funding from the wholesale money markets dried up.
Since then, the BBAG has been fighting for “fair treatment” on behalf of almost a million shareholders, many of whom received shares as part of the bank’s demutualisation in 2000.
The group will appear before the Information Rights Tribunal on 16-17 April.
B&B’s toxic mortgage debt was merged with the so-called bad bank of Northern Rock, which was nationalised in 2007.