Burford Capital says US class action has been dismissed

Litigation and risk management company Burford Capital said on Tuesday that a US class action suit against it had been dismissed, as it announced some management changes.

The AIM-listed firm - which was accused last month by US research firm and short-seller Muddy Waters of understating its debts - said that a US class action filed in August last year had been withdrawn by the plaintiffs and dismissed in its entirety.

"There is no litigation pending against Burford at present other than ordinary course skirmishing within a small number of ongoing funded investment matters," it said.

Burford also said it was planning to nominate chief executive officer Christopher Bogart to the board and confirmed that it will keep the roles of chairman and CEO separate.

The company said Aviva Will and David Perla will become co-chief operating officers. They will be jointly responsible for global marketing, origination and underwriting activities, along with the management of the teams engaged in those activities across all of its offices.

Craig Arnott will become Burford's deputy chief investment officer, working with chief investment officer Jonathan Molot across the entire investment portfolio. He will also retain responsibility for growing and developing the Australian market.

General Counsel Mark Klein will also take on the role of chief administrative officer, managing the company’s legal, operational and administrative functions.

At 1115 GMT, the shares were up 3.1% at 705p.