Burford Capital has proposed the appointment of Rick Noel, a veteran credit and financial services investor, as an independent non-executive director, subject to shareholder approval at the company's annual general meeting on May 13.

As reported by Investegate, Noel retired in 2022 as a partner at Varde Partners, a global alternative investment firm, after more than two decades. During his tenure at Varde, he held senior leadership roles including Head of Global Financial Services, Head of Europe, and Head of Asia, where he established the firm's Singapore office. His expertise spans financial services private equity, consumer and commercial credit, distressed credit portfolios, and asset-based investments.

Noel is expected to join Burford's Audit Committee upon appointment. He currently serves on the board of WiZink Bank, a consumer-focused Iberian bank, and acts as a senior advisor to MPowered Capital. He holds an MBA in Finance from the University of Minnesota's Carlson School of Management and is both a CPA and CFA charterholder.

The nomination comes as Burford navigates the aftermath of a U.S. appeals court decision that overturned a $16.1 billion judgment in the YPF case in late March. Adding a seasoned credit investor to the board signals the company's focus on strengthening governance and financial oversight as it charts its path forward.

Advocates for lawsuit reform are urging the Florida Legislature to take up third-party litigation funding regulations during an upcoming special session in April, after the regular session ended without action on the issue.

As reported by Floridian Press, Randy Ray, chairman of Senior Consumers of America, argued that the practice of outside investors funding lawsuits in exchange for a share of settlements continues to "build momentum" in Florida and is "incentivizing frivolous lawsuits." He called for mandatory disclosure of third-party financing arrangements, restrictions preventing external backers from making case management decisions, and broader transparency requirements.

The proposed reforms would not prevent plaintiffs from seeking financial assistance during litigation but would require all parties to understand the financial interests at play. Proponents argue the safeguards are a matter of basic transparency, while critics contend such measures could restrict access to justice for plaintiffs who lack resources to fund complex litigation.

Florida has been a focal point in the national debate over litigation funding regulation. The state's most recent regular session saw third-party litigation finance disclosure bills advance through committees but ultimately stall before reaching the floor. The push for action during a special session reflects growing momentum among reform advocates to address what economists estimate is a hidden "tort tax" affecting Florida consumers.