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Burford Capital

From Alfawiki
Burford Capital
Company typePublic
Template:Lse
NYSE: BUR
IndustryFinancial services
Founded2009 (2009)
FoundersChristopher Bogart
Jonathan Molot
HeadquartersGuernsey
Key people
Christopher Bogart (CEO)[1]
Jonathan Molot (CIO)
ProductsLitigation finance
Websitewww.burfordcapital.com

Burford Capital is a firm within the financial services sector that focuses on litigation financing. Established in 2009, it supplies funding to corporate legal teams and law firms engaged in litigation and arbitration, asset recovery, as well as associated legal finance and advisory activities.[2] Based in Guernsey, Burford operates on a global scale.

History

The inception of Burford dates back to 2009, when Christopher Bogart and Jonathan Molot founded the company to provide funding for commercial litigation and arbitration.[3] Bogart, who previously served as general counsel at Time Warner and has experience in venture capital, partnered with Molot, who specialized in managing capital for companies exposed to litigation risks. Initially, Burford concentrated on financing the legal costs of corporate legal departments.[4]

In October 2009, the company made its public debut on the London AIM Stock Exchange, followed by an additional share offering in 2010.[5] The acquisition of Gerchen Keller Capital in December 2016 broadened Burford’s portfolio within legal finance.[4]

In 2019, Burford encountered a short-selling campaign initiated by Muddy Waters Research, which accused the company of financial misconduct.[6][7] Following activist shareholder pressure, the company replaced its chief financial officer, who was married to CEO Christopher Bogart.[8] Additionally, Burford alleged that its shares had been subject to unlawful market manipulation prior to the short-selling attack.[9]

On June 21, 2021, Burford announced it had received $103 million through enforcement of a judgment related to the high-profile divorce between Russian entrepreneur Farkhad Akhmedov and Tatiana Akhmedova. Bloomberg reported that the total settlement amounted to £135 million.[10][11] Burford provided financing for enforcing this judgment.[12] The firm also listed on the New York Stock Exchange in 2020.[13]

Burford provided funding for litigation concerning the renationalization of YPF, which culminated in a $16.1 billion damages award against Argentina in 2023 on behalf of two minority shareholders. The company’s estimated portion was approximately $6 billion, with intentions to receive YPF shares as part of the compensation.[14]

In 2023, Burford purchased claims from Sysco involved in antitrust lawsuits alleging price-fixing by poultry and meat suppliers. Since 2019, it had invested $140 million supporting these claims. Subsequently, disputes arose between Burford and Sysco regarding settlements and claim assignments; ultimately, Burford secured control over these antitrust proceedings.[15][16]

External links

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