Burford Capital

All articles about Burford Capital.

UK-based Exton Advisors, a specialist litigation finance and insurance advisor business, welcomes Lucy Glyn as a Director starting this new year. Formerly a private equity transactional lawyer from the 'Magic Circle', she has held senior strategy roles within the legal market and, latterly, in litigation finance, where she led on European corporate strategy at Burford Capital.
Burford Capital, the leading global finance and asset management firm focused on law, announced that arbitration expert and legal finance industry veteran Mick Smith has joined as Principal in its London office. He will join over 40 colleagues in London, and more than 140 globally. Smith will focus predominantly on the continued expansion of Burford's business in Europe and especially its industry-leading role in global arbitration matters.
Burford Capital and Longford Capital Management executives say that Arizona’s loosening of legal industry regulations opens the door for them to co-own law firms. They predict that with Arizona no longer requiring lawyers to own firms—and other states considering similar steps—law partners will increasingly consider the benefits of non-attorney ownership stakes. 
Burford Capital has announced a number of new hires across its global business that bring its headcount to over 140 employees, 66 of whom are lawyers. In addition to new hires in New York, Washington and Chicago, Senior Vice President Dr. Jörn Eschment has relocated to Switzerland to oversee the growth of Burford’s substantial business in the DACH region of Germany, Austria and Switzerland.
Burford Capital has announced that it is committing an additional $100 million to The Equity Project, its groundbreaking initiative designed to increase diversity in the business of law. Burford first launched The Equity Project in October 2018 with $50 million in legal finance capital earmarked for matters led by women. Having committed well in excess of that amount to Equity Project matters as of December 31, 2020, Burford has now broadened the initiative to include racial diversity and thus address a deficit in representation that is even more acute than the gender gap. Burford has already made a multi-million commitment under the newly expanded Equity Project to a matter led by a female in-house lawyer and a racially diverse outside litigation team for a Fortune 100 company.
Daniel Gladiš of hedge fund Vltava Fund gives high praise to Burford Capital CEO Christopher Bogart in his latest shareholder letter, noting that at a time when artificial intelligence is discussed everywhere and human intelligence is sometimes a bit overlooked, Burford is a nice example that human intelligence can also create great value.
Since the pandemic began, most of the COVID-19-related business interruption disputes have not gone in favour of the policyholders, especially in US federal court, but a case in North Carolina federal court involving a major health care network could turn out to be a chink in insurers’ armour and, perhaps, a blueprint for other COVID-damaged policyholders to follow. Andy Lundberg of Burford Capital weighs in.
The global razor industry is worth $11 billion and the margins are amazingly healthy, which explains why Gillette is so aggressive in defending its turf against competitors. When former Gillette executives left to set up a competitor, they were smothered by litigation from their former company, with claims that they misappropriated trade secrets and engaged in unfair competition, and that the employees breached non-disclosure agreements. Thankfully Shavelogic was able to access litigation funding from Burford Capital and ultimately Gillette’s claims were dismissed as without merit. The ten years of battles for this entrepreneurial start-up look now to be paying off. Two weeks ago, the company announced that it has raised $100 million in growth capital from Jefferies.
A long-standing legal dispute over the renationalisation of Aerolineas Argentinas has resurfaced in the United States, with a Washington DC court being asked to enforce a $325 million award issued against Argentina. The petition was filed by Titan Consortium 1 LLC, who acquired an interest in the case from Burford Capital in 2018 for $107 million. After an arbitration tribunal rendered an award in favour of the claimants in 2017, Burford decided to sell its stake in order accelerate cash recovery and be able to reinvest the capital. It reported a gain of $94.2 million on the case after investing $12.8 million into the matter.
Burford Capital has provided an update on its business performance for the six months ended June 30, 2021. The company saw $500+ million in new commitments, with a continuance in its trend towards funding larger and more complex new matters. Of its 14 new case investments, none had commitment levels under $5 million while six were $20 million or above. COVID has continued to impact the company, however, with an estimated 43% of cases incurring COVID-related delays, ranging from court date postponements to delays in the provision of discovery to slower settlement activity given the absence of a looming trial date to engender settlement. Optimistically, Burford believes that, due to how it often prices deals, ultimate returns may actually increase because of the passage of time.
Burford Capital is backing a claim by Union Investment, Germany's third largest asset manager, in the Wirecard insolvency proceedings. Union, a Wirecard shareholder, is seeking to have its equity claim elevated to the same level as other creditor claims so that it can participate in a distribution of recoveries.

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