No recommendation
No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.
(Sharecast News) - Burford Capital announced two significant legal updates on Tuesday, including a favourable ruling related to the US budget reconciliation bill and progress in the enforcement of its YPF judgment against Argentina.
The AIM-traded company said the US Senate Parliamentarian had ruled that proposed tax provisions targeting litigation finance were not eligible for inclusion in the budget reconciliation bill.
Burford previously warned that the measures could have had an adverse impact on its business.
Separately, the US District Court for the Southern District of New York had ordered Argentina to transfer its Ccass D shares in YPF - representing about 51% of the company - into a global custody account at Bank of New York Mellon within 14 days.
The bank was instructed to transfer the shares to Petersen and Eton Park, the claimants backed by Burford, within one business day of receipt.
Burford described the court order as a positive step in the ongoing enforcement campaign against Argentina, but cautioned that the matter could still face further judicial proceedings.
At 1331 BST, shares in Burford Capital were up 16.51% at 995p.
Reporting by Josh White for Sharecast.com.
The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.
