Burford Capital Ltd - Illinois, US-based finance to the legal market provider - Receives full cash entitlement of around USD103 million from success in the Akhmedov legal matter. Expects to add around USD20 million to its 2021 operating profit. Says the investment generated over USD70 million of realised gains in total.
The Akhmedov matter refers to legal proceedings brought by Tatiana Akhmedova to obtain the divorce settlement she was awarded in 2016 by an English judge. The firm funded the claimant's legal dispute in the hope of winning a cut of any settlement.
Akhmedova has sought to obtain her settlement, which amounts to 42% of her ex-husband's GBP1 billion fortune, since it was awarded, the Financial Times reported in April. Justice Gwynneth Knowles, who ruled in the claimant's favour in April, said Akhmedova was the "victim of a series of schemes designed to put every penny of the husband's wealth beyond her reach", the FT noted.
Current stock price: 738.00 pence
Year-to-date change: up 3.8%
By Scarlett Butler; firstname.lastname@example.org
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