Burford Capital, a leading global finance and asset management firm focused on law, announced that it has a financial entitlement in a patent case where a jury awarded $5.7 billion in damages to the plaintiff, Taction Technology, Inc., against Apple Inc. The verdict, delivered on September 25, 2026, after market close, could entitle Burford to approximately $1.4 billion if the award were paid as is. This amount would be split roughly equally between Burford's balance sheet and its investment funds.
However, Burford stressed that this jury verdict does not represent a final judgment or received cash proceeds. The company cautioned investors that the $5.7 billion award, reportedly one of the largest patent verdicts in U.S. history, is subject to significant post-trial motions by Apple, including a request to set aside the verdict, and extensive appellate scrutiny by the U.S. Court of Appeals for the Federal Circuit. Historically, very few large patent verdicts survive these post-verdict processes intact, and the resolution could take a considerable period.
Burford's ultimate recovery remains uncertain and is subject to substantial litigation and collection risks. This includes potential reductions through appeals, enforcement challenges, and collateral litigation in other jurisdictions. The company noted that settlements often occur for amounts materially below the initial verdict, and it could recover substantially less than the $1.4 billion or even incur a total loss. Burford's entitlement will also be affected by the terms of its financing agreement, applicable fees, expenses, taxes, and other deductions. The firm stated that it does not intend to alter its general approach to public disclosure for individual matters despite issuing this release due to prior media coverage.
