"This is a welcome judgement. The purpose of nationalising Northern Rock was not to bail out shareholders.
"A situation where taxpayers' money is used to pay off shareholders would be entirely untenable.
"Northern Rock was effectively bankrupt when it was nationalised and although I have some sympathy for small shareholders who have lost money, we must remember that holding shares carries a risk.
"The two hedge funds who brought this case to the High Court deserve to lose their shirts. They bought Northern Rock shares on the cheap soon after the run on the bank in the hope of making a quick buck. We should not reward such cynical and reckless speculation."
