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Burford hails New York court suggesting Argentina should pay damages

11th Sep 2023 08:59

(Alliance News) - Burford Capital on Monday issued an update on proceedings in connection with the Petersen and Eton Park cases against the Republic of Argentina and Argentinian state-owned energy company YPF SA.

The litigation-related investment capital provider said the US District Court for the Southern District of New York suggested a final judgement of about USD16 billion against Argentina and this signified "a complete win against Argentina".

The company highlighted that the judgment will be appealable to the Second Circuit Court of Appeals, and that Argentina had indicated its intention to appeal. That court takes about a year to resolve appeals once filed.

Chief Investment Officer Jonathan Molot said: "We have been pursuing this case since 2015 and it has involved substantial Burford management time along with the dedicated engagement of a team of some of the best lawyers on the planet from multiple law firms and world-class experts (going up against very good lawyers, and winning)."

The firm explained that "at bottom, on a net basis", it expects to be entitled to around 35% of any proceeds generated in the Petersen case and around 73% of any proceeds generated in the Eton Park case.

Following the announcement, Burford Capital shares started trading again, after a brief suspension on Friday afternoon in London.

Burford Capital shares fell 7.4% to 1,243.56 pence each on Monday morning in London, but are up 11% over the past five days.

By Tom Budszus, Alliance News reporter

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