Burford Statement re YPF Matter

Rhea-AI Summary

Burford Capital addresses inaccurate media reporting regarding a U.S. Department of Justice (DOJ) court filing in the Petersen and Eton Park matters. The filing only addresses a narrow legal question about judgment enforcement and does not represent DOJ's broader position on the case against Argentina. The DOJ's view suggests that U.S. courts cannot compel Argentina to move property from Argentina to the United States for creditor attachment under New York law, though this remains an unsettled legal issue. The DOJ's opinion is not binding, and further legal proceedings will follow. Burford plans to provide additional updates during their earnings call.

Positive

• DOJ has previously supported pursuing Argentina in US courts for breach of contract
• DOJ did not make any filing on the pending appeal, maintaining status quo

Negative

• DOJ's position could potentially limit enforcement options against Argentine assets
• Legal uncertainty regarding the ability to compel Argentina to move assets to US jurisdiction

Insights

Legal Expert

The DOJ filing represents a scope intervention focused solely on a technical enforcement question, not a broader challenge to the YPF case merits. The specific issue concerns whether U.S. courts can compel Argentina to move assets from within its borders to the U.S. for attachment by creditors - a complex question of sovereign immunity and international law enforcement.

The DOJ's position, while noteworthy, is not binding on the court and only addresses one motion within the broader enforcement campaign. Importantly, the DOJ has previously supported the legitimacy of pursuing Argentina in U.S. courts over this contract breach and notably abstained from filing on the pending appeal.

This development represents a procedural hurdle rather than a fundamental challenge to the case. The enforcement process typically involves multiple parallel strategies and this affects only one potential avenue while leaving others intact.

NEW YORK, Nov. 7, 2024 /PRNewswire/ -- Burford Capital Limited, the leading global finance and asset management firm focused on law, has noted inaccurate media reporting and subsequent market reaction to an expected court filing last night by the U.S. Department of Justice ("DOJ") in the Petersen and Eton Park matters. The filing in the U.S. District Court for the Southern District of New York restates DOJ's position on a narrow question of law in relation to enforcement of judgments. The filing pertains to one motion filed in the Petersen and Eton Park matters as part of the overall, ongoing effort to enforce the judgment against the Argentine Republic. The filing does not reflect DOJ's taking any broader position on the overall case or the enforcement campaign; indeed, DOJ has previously taken the position that pursuing Argentina in the US courts for its breach of contract in this matter was appropriate, and DOJ has not made any filing at all on the pending appeal (and the time to do so has passed). In its filing, DOJ took the view that Argentina could not be required by a U.S. court to move property presently located in Argentina into the United States so it could there be attached for creditors under New York law, which is an unsettled legal issue. The DOJ view is not binding on the court and further briefing and proceedings will ensue. The Company will provide a further update on the Petersen and Eton Park matters during today's earnings call.

For further information, please contact:

Burford Capital Limited
For investor and analyst inquiries:
Americas: Josh Wood, Head of Investor Relations - email	+1 212 516 5824
EMEA & Asia: Rob Bailhache, Head of EMEA & Asia Investor Relations - email	+44 (0)20 3530 2023
For press inquiries:
David Helfenbein, Vice President, Public Relations - email	+1 212 516 5824
Deutsche Numis - NOMAD and Joint Broker	+44 (0)20 7260 1000
Giles Rolls
Charlie Farquhar
Jefferies International Limited - Joint Broker	+44 (0)20 7029 8000
Graham Davidson
James Umbers
Berenberg – Joint Broker	+44 (0)20 3207 7800
Toby Flaux
James Thompson
Yasmina Benchekroun

About Burford Capital
Burford Capital is the leading global finance and asset management firm focused on law. Its businesses include litigation finance and risk management, asset recovery and a wide range of legal finance and advisory activities. Burford is publicly traded on the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR), and it works with companies and law firms around the world from its offices in New York, London, Chicago, Washington, DC, Singapore, Dubai and Hong Kong.

For more information, please visit www.burfordcapital.com.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy any ordinary shares or other securities of Burford.

This announcement does not constitute an offer of any Burford private fund. Burford Capital Investment Management LLC, which acts as the fund manager of all Burford private funds, is registered as an investment adviser with the US Securities and Exchange Commission. The information provided in this announcement is for informational purposes only. Past performance is not indicative of future results. The information contained in this announcement is not, and should not be construed as, an offer to sell or the solicitation of an offer to buy any securities (including, without limitation, interests or shares in any of Burford private funds). Any such offer or solicitation may be made only by means of a final confidential private placement memorandum and other offering documents.

Forward-looking statements
This announcement contains "forward-looking statements" within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, regarding assumptions, expectations, projections, intentions and beliefs about future events. These statements are intended as "forward-looking statements". In some cases, predictive, future-tense or forward-looking words such as "aim", "anticipate", "believe", "continue", "could", "estimate", "expect", "forecast", "guidance", "intend", "may", "plan", "potential", "predict", "projected", "should" or "will" or the negative of such terms or other comparable terminology are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. In addition, Burford and its representatives may from time to time make other oral or written statements that are forward-looking, including in its periodic reports that Burford files with, or furnishes to, the US Securities and Exchange Commission, other information made available to Burford's security holders and other written materials. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future. Burford cautions that forward-looking statements are not guarantees of future performance and are based on numerous assumptions, expectations, projections, intentions and beliefs and that Burford's actual results of operations, including its financial position and liquidity, and the development of the industry in which it operates, may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements contained in this announcement. Significant factors that may cause actual results to differ from those Burford expects include, among others, those discussed under "Risk Factors" in Burford's annual report on Form 20-F for the year ended December 31, 2023 filed with the US Securities and Exchange Commission on March 28, 2024 and other reports or documents that Burford files with, or furnishes to, the US Securities and Exchange Commission from time to time. In addition, even if Burford's results of operations, including its financial position and liquidity, and the development of the industry in which it operates are consistent with the forward-looking statements contained in this announcement, those results of operations or developments may not be indicative of results of operations or developments in subsequent periods.

Except as required by law, Burford undertakes no obligation to update or revise the forward-looking statements contained in this announcement, whether as a result of new information, future events or otherwise.

View original content:https://www.prnewswire.com/news-releases/burford-statement-re-ypf-matter-302298761.html

SOURCE Burford Capital

FAQ

What is the DOJ's position on Burford Capital's (BUR) YPF enforcement case?

The DOJ's filing states that Argentina cannot be required by US courts to move property from Argentina to the United States for creditor attachment under New York law, though this is an unsettled legal issue.

How does the DOJ filing affect Burford Capital's (BUR) case against Argentina?

The filing only addresses a narrow legal question about judgment enforcement and doesn't reflect DOJ's broader position on the case or enforcement campaign. Further legal proceedings will continue.

Has the DOJ filed anything regarding Burford Capital's (BUR) pending appeal in the YPF case?

No, the DOJ has not made any filing on the pending appeal, and the time to do so has passed.