Burford Capital upbeat on US tax ruling, YPF court order

(Sharecast News) - Burford Capital announced two significant legal updates on Tuesday, including a favourable ruling related to the US budget reconciliation bill and progress in the enforcement of its YPF judgment against Argentina. The AIM-traded company said the US Senate Parliamentarian had ruled that proposed tax provisions targeting litigation finance were not eligible for inclusion in the budget reconciliation bill.

Burford previously warned that the measures could have had an adverse impact on its business.

Separately, the US District Court for the Southern District of New York had ordered Argentina to transfer its Ccass D shares in YPF - representing about 51% of the company - into a global custody account at Bank of New York Mellon within 14 days.

The bank was instructed to transfer the shares to Petersen and Eton Park, the claimants backed by Burford, within one business day of receipt.

Burford described the court order as a positive step in the ongoing enforcement campaign against Argentina, but cautioned that the matter could still face further judicial proceedings.

At 1331 BST, shares in Burford Capital were up 16.51% at 995p.

Reporting by Josh White for Sharecast.com.