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Funding Circle shares rise on settlement of Azzurro loans dispute
(Sharecast News) - Shares in Funding Circle rose on Tuesday after the SME finance platform reported a "favourable" settlement of proceedings in a long-running legal case. The case concerns debt buyer Azzurro Associates and the personal guarantors of two defaulted loans in 2020 that originated on the Funding Circle platform and were subsequently sold to Azzurro.
According to Funding Circle, the dispute has now been resolved following a settlement initiated by the personal guarantors, resulting in a payment to Azzurro.
"The settlement, for more than the outstanding balance of the loans at default, validates Funding Circle's position that the debt had been assigned and payment is due to Azzurro," the company said.
"As stated at the time of press reports in February, the validity of the loans and personal guarantees has never been in question, and we were confident that Azzurro would succeed in demonstrating its right to bring the claims."
Shares were up 5% at 127.8p by 0957 BST.
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