Burford Capital Ltd v London Stock Exchange Group Plc

Burford Capital Ltd v London Stock Exchange Group Plc

Burford failed to establish a good arguable case that unlawful market manipulation occurred; Prof Mitts' statistical analysis did not provide substantial evidence of spoofing or layering, and the claim was speculative. Justice does not demand disclosure from the Stock Exchange given the regulatory regime, absence of private law cause of action, and significant collateral damage to innocent parties.

Parties
Claimant: Burford Capital Limited; Defendant: Stock Exchange Group plc
Jurisdiction
England and Wales
Judgment Date
15 May 2020
Procedural Posture
Norwich Pharmacal Application / Final Judgment
Outcome
Claim dismissed
Legal Topics
Norwich Pharmacal Relief, Market Manipulation, Spoofing and Layering, Disclosure Orders, Regulatory Oversight
Civil Procedure Financial Markets Regulation Norwich Pharmacal Relief Market Manipulation Spoofing and Layering Disclosure Orders Regulatory Oversight

Case Brief

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Parties

Burford Capital Limited

Claimant

Stock Exchange Group plc

Defendant

Procedural Posture

Norwich Pharmacal Application / Final Judgment

Legal Issues

  1. 1 Whether Burford has a good arguable case that unlawful market manipulation (spoofing/layering) occurred in respect of its shares on 6 and 7 August 2019
  2. 2 Whether Norwich Pharmacal relief should be granted against the Stock Exchange to disclose participant identity details
  3. 3 Whether justice demands disclosure given regulatory regime and absence of private law cause of action

Ratio Decidendi

Burford failed to establish a good arguable case that unlawful market manipulation occurred; Prof Mitts' statistical analysis did not provide substantial evidence of spoofing or layering, and the claim was speculative. Justice does not demand disclosure from the Stock Exchange given the regulatory regime, absence of private law cause of action, and significant collateral damage to innocent parties.

Court Disposition

Claim dismissed