Marks the first entry of legal finance—an
emerging asset class—to the Indexes
NEW
YORK, May 28, 2024 /PRNewswire/ -- Burford
Capital, the leading global finance firm focused on law, is
expected to join the broad-market Russell 3000® and small-cap
Russell 2000® Indexes at the conclusion of the 2024 Russell US
Indexes annual reconstitution, effective after the US market opens
on July 1, 2024, according to a
preliminary list of additions posted on May
24, 2024. Burford is the first legal finance firm to be
listed on the New York Stock Exchange and the first legal finance
firm expected to join the Russell 3000® and 2000® Indexes. Legal
finance is an emerging asset class generally uncorrelated to market
conditions or the performance of the overall economy.
Burford's inclusion in the Russell 3000® and 2000® Indexes
reinforces its continued growth both with its investors and with
its clients, which include Fortune 500 companies and many of the
world's largest law firms. Burford, which celebrates its
15th anniversary in October
2024, helps clients shift the cost of their commercial
disputes as well as manage the risk and optimize the timing of the
often-significant cash flows associated with pending claims,
judgments and awards. The company has a multi-billion dollar
portfolio, and in 2023, a Burford-funded case against Argentina involving the renationalization of
Argentina's oil company, YPF,
resulted in the largest judgment in the history of the US District
Court for the Southern District of New
York, with the court awarding plaintiffs approximately
$16 billion in damages.
Christopher Bogart, CEO of
Burford Capital, said: "Since its founding in 2009, Burford has
deployed billions of dollars to the business of law, and we're
continuing to see growing demand from CFOs, GCs and other business
leaders who recognize that they can use legal finance to turn the
legal department from a cost center to a capital source, including
a recent $325 million Group-wide
commitment with a Fortune 50 company. Joining the Russell 3000® and
2000® Indexes is an exciting moment for Burford, and we are
proud to continue on a trajectory of growth and increasing
visibility to clients and investors alike."
Russell indexes are widely used by investment managers and
institutional investors for index funds and as benchmarks for
active investment strategies. According to the data as of the end
of December 2023, about $10.5 trillion in assets are benchmarked against
the Russell US indexes.
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, Sydney 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.
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. 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. 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.
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SOURCE Burford Capital