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US Court dismisses divorce payments case against Burford Capital-funded client

The U.S. Supreme Court dismissed a case brought by Russian oligarch Farkhad Akhmedov against his ex-wife Tatiana Akhmedova, whose case was funded by British litigation finance firm Burford Capital Ltd., over divorce payments, The Times reported.

Burford finances court cases in return for a portion of any settlement proceeds and supported Tatiana Akhmedova's divorce claim with roughly £15 million. Tatiana Akhmedova was awarded £450 million in 2016 from the divorce, according to the report.

A spokesman for Farkhad Akhmedov said the businessman will appeal the Supreme Court's decision.

The court's dismissal is a welcome development for Burford, which saw its share price tumble in early August after U.S. hedge fund Muddy Waters LLC criticized its accounting practices in a report. The firm subsequently said it found trading activity consistent with material illegal activity around the time its share price fell.

The U.S. Securities and Exchange Commission and the Department of Justice have already been handed details of alleged market manipulation in the trading of Burford's shares, while the company is seeking court approval to access trading data from the London Stock Exchange over the matter.