The group wants more compensation for their holdings in the nationalised financial firm, which collapsed in 2007 due to the credit crunch.
Northern Rock shareholders who lost money when the bank was nationalised are to take their case to Judicial Review next Tuesday.
The UK Shareholders Association (UKSA) is seeking a legal annulment of the government's previous compensation deal to the small investors through the review, FT Adviser reports.
Figures from the group suggest that the investors would get as little as 5p per share from the deal. However, the UKSA wants to see them receive £5 per share.
This shift could be achieved by a revaluation of Northern Rock's assets by an independent expert.
Northern Rock was taken over by the government last February, having nearly collapsed the previous summer due to the credit crunch. The bank had relied heavily on wholesale funding from the credit markets in order to meet its costs - and found itself exposed when these markets froze in the crisis.
Since the nationalisation, the government has also taken over Bradford & Bingley - and has rolled out a £37 billion recapitalisation programme to buy shares in three other at-risk banks.
The UKSA is representing 150,000 shareholders, collectively holding around 25 percent of Northern Rock stock, at the review. The case is scheduled to wind up on January 16th.
