PPI costs account for over half of all conduct and litigation charges at UK banks September 16, 2019 Costs from the mis-selling of payment protection insurance (PPI) has accounted for more than half of all litigation and conduct charges faced by Britain’s biggest banks in recent years. Moody’s Investors Service has said that PPI was the largest single source of conduct and litigation charges from 2011 to the first half of 2019, as [...]
Three lessons law firms can learn from rivals’ collapses amid coronavirus April 30, 2020 Law firm collapses are a lot like bank runs. Confidence in the institution crumbles, causing partners to rush for the exits – taking their capital and clients with them. Partner departures reduce the firm’s revenue, profit and capital, leading to further partner exits in a destructive feedback loop. Once firms enter this death spiral it [...]
Burford Capital attacks short sellers as shares plunge 40 per cent August 7, 2019 Burford Capital has accused short sellers of spooking investors as its share price entered freefall for the second day in a row this morning. Shares in the litigation finance company dropped 20 per cent yesterday, and have continued their plunge today. Read more: Burford Capital snipes back at critical analysts Burford Capital’s share price was [...]
Burford left reeling as shortseller takes aim at business August 8, 2019 Shares in London-listed litigation funder Burford Capital crashed 45 per cent yesterday following a scathing report from shortseller Muddy Waters. The incendiary document confirmed that Muddy Waters now holds a short position on Burford, which it described as “a poor business masquerading as a great one”. Read more: Shares crash as short seller Muddy Waters savages [...]
Law firm tries to muscle in on £1bn forex cartel claim November 6, 2019 US claimant law firm Hausfeld is trying to muscle in on a £1bn group action against a raft of banks who were found to have rigged the foreign exchange markets. The Competition Appeals Tribunal (CAT) heard today that Hausfeld is set to bring a claim by the end of November. The CAT was sitting for [...]
Muddy Waters says Burford has ‘same illness’ that doomed Enron August 13, 2019 Muddy Waters redoubled its assault on litigation funder Burford Capital today, accusing the company of having the “same illness” that brought Enron down. The activist shortseller accused Burford of “addiction to mark-to-model gains financed by debt”. In mark-to-model or fair value accounting, unrealised gains are included on a company’s balance sheet. Muddy Waters said: “We [...]
Hargreaves Lansdown drops Burford Capital after Muddy Waters short attack August 30, 2019 Hargreaves Lansdown has sold its holdings in Burford capital following a short attack on the litigation funding firm by US short-seller Muddy Waters earlier this month. The investment supermarket has dropped Burford from its Select UK Growth, Select UK Income and Select Global funds, said fund manager Steve Clayton in a statement on Hargreaves’ website. [...]
Tory conference: Boris Johnson’s speech in full October 6, 2021 Prime Minister Boris Johnson delivered his second leader’s speech at Conservative conference today. Here is his speech in full. Isn’t it amazing to be here in person the first time we have met since you defied the sceptics by winning councils and communities that Conservatives have never won in before – such as Hartlepool in [...]
City Moves for 29 July – Who’s switching jobs at Lasalle, Augusta and Knight Frank? July 28, 2019 Today’s City Moves includes Lasalle, Augusta and Knight Frank. Lasalle Global real estate investment manager Lasalle Investment Management has announced that Martin Zdravkov has joined its UK business in the newly-enhanced role of head of UK residential and impact investing, based in London. Martin will report to Philip Nell, the head of UK real return [...]
Fresh blow for Woodford as suspended fund’s holdings take hit August 23, 2019 Neil Woodford has suffered his third setback of the day after it was announced that his suspended Equity Income Fund (EIF) significantly underperformed its industry benchmark. Link Fund Solutions, which is managing EIF’s suspension, said the fund had declined 11.15 per cent between 3 June and 21 August. By contrast, the fund’s industry benchmark – [...]