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Burford Capital (NYSE:BUR) rose 3.6% amid news that Sundance Resources announced a conditional settlement with the Republic of Congo before the International Court of Arbitration, according to a Jefferies analyst.
The terms are confidential, though the original claim is for over $8.5 billion. Burford (BUR) has been funding the arbitration process and would likely lead to realized gain on its investment, Jefferies analyst Julian Roberts wrote in a note on Tuesday.
If the settlement is successful, it’s expected to be complete by the end of Q3.
“Without more detail, the potential benefit for Burford is impossible to quantify,” Roberts, who has a buy rating on $ Burford wrote.