Northern Rock borrowers to get pay-out after court ruling

More than 40,000 borrowers are in line to receive thousands of pounds in compensation following a High Court ruling over the wording of documents sent out by British lender Northern Rock.

Northern Rock Asset Management (NRAM), the state-owned remnant of Northern Rock plc, will have to pay £258 million of taxpayer funds in refunded interest to 41,000 borrowers if it does not overturn the decision.