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Burford Capital Ltd on Monday said a United States District Court for the Southern District of New York found Argentina liable for failing to make a tender offer for their shares in majority state-owned Argentinian energy company YPF SA. Burford Capital shares rose 26% to 952.00 pence each in London on Monday morning. Burford Capital, a London-based litigation finance, risk management and asset recovery company, said that the court decided that Argentina is liable to Petersen Energia Inversora SA and Eton Park Capital Management LP for not making a tender offer for their shares in YPF in 2012, and that YPF was not liable for not enforcing bylaws against Argentina. The claims related to Argentine government-controlled energy company YPF, of which a majority of 51% was renationalised in 2012 after having conducted an initial public offering. Burford explained: ‘In other words, the ruling was a complete win against Argentina with respect to liability, with the quantum of what we expect to be substantial damages yet to be determined, and a loss against YPF. However, no additional damages would have been payable had YPF also been found liable.’ Chief Investment Officer Jonathan Molot said: ‘This case represents what Burford is all about and exemplifies the contribution we make to the civil justice system - without us, there would be no justice in this complicated and long-running case for Petersen and Eton Park.’ Chief Executive Officer Christopher Bogart added: ‘The ruling is a major milestone for Burford and we continue to see momentum in our overall portfolio and continued demand for our capital and services.’ Copyright 2023 Alliance News Ltd. All Rights Reserved.
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