Burford Capital Ltd. investors secured a lead plaintiff and class counsel in their New York federal court suit accusing the litigation funder of manipulating metrics to make its returns look better.
A group of three Burford investors will serve as lead plaintiffs in the putative class suit alleging the U.K.-based firm misled them about the value of the cases it funds, the U.S. District Court for the Eastern District of New York said Nov. 7. Judge Nina Gershon approved their selection of The Rosen Law firm P.A. as lead counsel.
The selected investors collectively have “the largest financial interest in this litigation and otherwise satisfy” the lead plaintiff requirements, Gershon’s order said.
Burford previously called the short seller report the case is based on “false” and “misleading.” The firm’s forensic examination of trading data revealed market manipulation, Burford said in August.
The case is Merz v. Burford Capital Ltd., E.D.N.Y., No. 19-cv-04807, lead plaintiffs selected 11/7/19.
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