Burford Capital (BUR) Soars 22% on Litigation Case vs Argentina

We recently published As Wall Street Roars, These 10 Stocks Outshine. Burford Capital Limited (NYSE:BUR) is one of last week’s top performers.

Burford Capital Limited (NYSE:BUR) soared by 21.98 percent on Monday to finish at $14.26 apiece following a US Court ruling that ordered Argentina to give up its 51 percent stake in oil and gas company YPF to partially satisfy a $16.1-billion court judgment.

In her ruling, US District Judge Loretta Preska ordered Argentina to transfer its YPF shares to BNY Mellon within 14 days, and instructed it to transfer the shares within one business day to the plaintiffs.

Argentinian President Javier Milei, however, vowed to appeal to “defend national interests.”

The case stemmed from Argentina’s 2012 seizure of the 51-percent stake in YPF held by Spain-based Repsol without tendering for shares held by minority investors Petersen Energia Inversora and Eton Park Capital Management.

Burford Capital (BUR) Soars 22% on Litigation Case vs Argentina

An accountant meticulously going over documents in her office, exemplifying the company’s commitment to accuracy and detail.

The plaintiffs were represented by litigation funder Burford Capital Limited (NYSE:BUR), which had expected to receive 35 percent and 73 percent of Petersen and Eton Park’s respective damages.

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Disclosure: None. This article is originally published at Insider Monkey.