Railtrack investors in legal threat

City institutions chasing up to £2billion compensation for Railtrack shares today said they could take Stephen Byers to court by the end of next week.

The Railtrack Shareholders Action Group, representing 45 per cent of shareholders in the rail network operator, set the Transport Secretary a 31 December deadline to divulge key documents on his meetings with Railtrack directors in the summer and papers relating to his decision to put the company into administration in October.

The investors - whose shares are worthless - received a reply at the last moment, fobbed off with only a promise of an answer by Mr Byers's officials. Action group chairman Simon Haslan said it will apply to the courts for the documents if Mr Byers does not produce them by next Friday.