Tag Archives: Burford Capital
Burford Experiences Profit & Net Income Reduction for 2019
Burford Capital, the world’s largest litigation funder, is forecasting a $20-$30MM YoY reduction in net realized gains (proceeds from concluded claims), and a $50-$70MM YoY reduction in unrealized gains (valuation of claims currently in process). Burford insists that timing is the real culprit here, claiming that if the company had been able to report a month later, its financials would look very different.
Son of Russian Oligarch Challenges Burford’s Funding Agreement
Burford Capital was enlisted by Tatiana Akhmedova, ex-wife of billionaire Russian oligarch Farkhad Akhmedov, to finance her divorce battle and trace the assets of her ex-husband. Tatiana has accused Farkhad of surreptitiously transferring assets into trusts and real estate investments, including the purchase of a Hyde Park flat for their British-born son, Temur. Now Temur has come forward to challenge the legality of his mother’s funding agreement with Burford.
U.S. Securities Class Action Against Burford Withdrawn by Plaintiffs
Burford Capital has announced that a securities class action launched against it in the wake of the Muddy Waters short-sale announcement has been withdrawn by plaintiffs and dismissed.
Burford Restructures Governance in Preparation for US Stock Listing
Burford Capital, the world’s largest litigation funder, is preparing for a US stock listing by reorganizing its governance structure. Key moves include the advancement of a pair of managing directors to co-COO, and CEO Chris Bogart’s appointment to the company’s board.
Burford Grows its International Arbitration Business
Burford Capital has been growing its international arbitration business, partnering with US law firms to help them run cases on a contingency bases, thus enabling them to compete with Magic Circle firms for lucrative claims being filed in the UK, Europe and beyond.
Burford CEO Chris Bogart Expresses Concern for Physical Safety Out of Potential Reprisal from Argentine Government Over YPF Claim
Burford CEO Christopher Bogart has expressed concern for his safety, asking a US court to prevent the YPF nationalization claim from being heard in Argentina. Bogart is concerned about reprisals from the Argentine government, which he said may physically threaten or imprison him, and/or members of his Burford team, should they step foot on Argentine soil to participate in the case.
Muddy Waters Attack Turns Personal: Accusations of Secret Payouts to Burford Co-Founders
Note — the Muddy Waters accusations were previously reported on August 18, 2019.
One of the weightier accusations from Muddy Waters’ allegation against Burford Capital last August was that Burford made millions of dollars in secret payments to employees, including co-founders Christopher Bogart and Jonathan Molot.
Berenberg Goes Bearish on Burford Capital
German bank Berenberg has downgraded its price target for Burford Capital, and cited a trio of factors that informed its decision-making.
Burford Targets Gender Inequity in Law with Equity Project
Burford Capital’s Equity Project turned one year old last month. The initiative – launched by senior managing director Aviva Will – is aimed at incentivizing female lawyers to take greater risks. The mechanism for accomplishing this is a $50MM fund that can only be used for claims where a female attorney is first-chair, plaintiffs’ lead counsel or on a plaintiffs’ steering committee, or if the claimant is represented by a female-owned law firm.
U.S. Hedge Fund Takes £100MM Stake in Burford Capital
A U.S. hedge fund has taken a 5.2% stake in Burford Capital – investing £100MM into the world’s largest litigation funder – which places the fund squarely at odds with Muddy Waters, the investment firm that publicly shorted (and continues to short) Burford.
