Burford Capital (LON:BUR)
Hot off the press. Unfortunately all news feeds are behind a paywall but this is what the judge said
“The Court also rejects the Republic’s effort to inject Burford Capital into these proceedings.
This remains a case brought by plaintiffs against a defendant for its wrongful conduct towards them, and the relevant question is what the Republic owes Plaintiffs to compensate them for the loss of the use of their money, not what Plaintiffs have done or will do with what they are owed.
The Republic owes no more or less because of Burford Capital’s involvement. Furthermore, the Republic pulled the considerable levers available to it as a sovereign to attempt to take what it should have paid for and has since spared no expense in its defense.
If Plaintiffs were required to trade a substantial part of their potential recovery to secure the financing necessary to bring their claims, in Petersen’s case because it was driven to bankruptcy, and litigate their claims to conclusion against a powerful sovereign defendant that has behaved in this manner, this is all the more reason to award Plaintiffs the full measure of their damages..."
this rather shows the weakness of Stocko’s backward looking ratings which ranks Bur as a momentum trap. The stock is currently suspended but closed 22% up and this gives Bur a market cap of £2.4bn the award is $16bn made up of approx $7bn and interest of $8bn
