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Community Spotlight: Noah Wortman, Founder and CEO, NRW Consulting

By Harry Moran |
January 17, 2025

Community Spotlight: Noah Wortman, Founder and CEO, NRW Consulting

As Founder and CEO of NRW Consulting, Noah brings his extensive experience in assessing and analyzing corporate misconduct in the financial markets, as well as his commitment to finding global litigation and shareholder engagement solutions to investors across the world. He has extensive experience advocating for global investors, promoting corporate governance and investor stewardship, and implementing strategies to achieve collective redress.

Noah splits his time between Philadelphia and London with a global remit where he strives to provide access to justice for global institutional investors (including financial institutions, superannuation schemes, asset managers and owners, and sovereign wealth and pension funds) and others via engagement and litigation strategies including global shareholder litigation (class/group, opt-out/direct, and opt-in), antitrust/competition/cartel litigation, complex financial litigation, global privacy/data breach litigation, and global patent litigation.

Most recently, Noah was Director of Global Collective Redress at Pogust Goodhead and immediately prior was Senior Manager, Collective Redress at Omni Bridgeway where he worked with global institutional investors to implement litigation funding strategies to aid in exercising their shareholder rights in seeking legal redress from publicly listed companies where an alleged wrongdoing had occurred.

Noah is a frequent speaker around the globe on the topic of shareholder legal redress, recovery, rights and responsibilities. He has also been a member of several leading global institutional investor organizations and currently serves on the Advisory Board of Perfect Law’s Global Class Action and Mass Torts Conference. He has also served on the International Corporate Governance Network’s (ICGN) Global Stewardship Committee and its former Shareholder Responsibilities Committee, the Sovereign Wealth Fund Institute’s Event Advisory Board, and the Council of Institutional Investors’ Markets Advisory Council.

Company Name and Description:  NRW Consulting supports, recommends, and creates pathways to recovery for global investors and consumers harmed by corporate misconduct, including securities fraud, market manipulation, and violations of global regulatory requirements.  

Company Website: https://www.nrwconsultingllc.com 

Year Founded:  2018

Headquarters:  Consulting globally. Operating out of Philadelphia and London.

Area of Focus: When value erosion has been caused by corporate misconduct or fraud within an investee company, there are established and effective remedies for restitution. One of the most successful recourses is collective redress through group or class actions. Institutional investors have successfully used this option around the world to recover significant sums on behalf of beneficiaries.

With diverse global investor portfolios, institutional investors may need to consider class actions in multiple countries. Therefore, pursuing claims through class actions, direct actions, shareholder derivative actions, and/or funded group actions offers the opportunity to, on a de-risked basis: hold wrongdoers to account, influence corporate conduct and governance, or potentially institute corporate governance reform.

Noah also sits on the Advisory Board of Perfect Law. Perfect Law presents the annual Global Class Actions and Mass Torts Conference that takes place in London (https://www.perfectlaw.co.uk). The conference brings together a vertiable who’s who of the global collective redress community including judges, academics, practitioners, funders, industry providers and experts from all over the world to discuss, debate and learn from each other regarding the cases and issues of the day with the common goal of furthering access to justice.

Member Quote: “Litigation funding is a cornerstone of access to justice, allowing investors, consumers, individuals, organizations, and communities to seek legal recourse and exercise their right to pursue legitimate claims regardless of their financial circumstances. By enabling cases to proceed on their merits, it upholds fairness and accountability within the legal system, offering a powerful means to hold corporate wrongdoers to account.” 

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Harry Moran

Harry Moran

Commercial

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Commercial

Federal Judiciary Advisory Committee Moves Forward with Litigation Finance Transparency Rules

By John Freund |

A federal judiciary advisory committee agreed on Tuesday to develop transparency obligations for third-party litigation funders, advancing one of the most closely watched rulemaking efforts in U.S. civil procedure. The decision came despite what participants described as "vehement" opposition from segments of both the defense and plaintiffs' bars, underscoring how contentious disclosure of funding arrangements remains within the legal community.

As reported by Law360, the committee, which shapes the Federal Rules of Civil Procedure, signaled that it will continue drafting specific disclosure requirements rather than shelving the project, as some stakeholders had urged. Alongside the litigation finance item, the panel also advanced proposed updates to subpoena rules addressing remote testimony and service of process.

For funders, the development marks a significant shift in the regulatory conversation. Industry groups have long argued that existing discovery tools are sufficient to address concerns about control and conflicts, while proponents of disclosure contend that parties and courts need a clearer view of who stands to benefit from a case. The committee's decision indicates that federal rulemakers are prepared to put that debate to the test with concrete drafting, even as both sides continue to press their positions.

Next steps will involve developing rule text and further public input before any proposal moves up the Judicial Conference's rulemaking chain. Market participants will be watching closely, as any federal disclosure rule would likely influence how funders structure deals, negotiate with claimants, and manage portfolios across U.S. commercial litigation.

Commercial

Judge Preska Orders Argentina’s Economy Minister to Produce Texts in YPF Enforcement Fight

By John Freund |

A U.S. federal judge has ordered Argentina's economy minister to turn over text messages sought by plaintiffs pursuing enforcement of the multibillion-dollar YPF judgment, the latest development in one of the most prominent litigation finance-backed cases in the world. The ruling expands the discovery footprint available to creditors working to collect on the landmark award against the Republic of Argentina.

As reported by Bloomberg, U.S. District Judge Loretta Preska ruled on Tuesday that plaintiffs backed by Burford Capital are entitled to messages from Argentina's sitting economy minister. The decision continues a pattern in which Judge Preska has pushed Argentina to produce internal communications and financial information as the plaintiffs seek to identify attachable assets and pierce through sovereign defenses.

Burford, which funded the underlying claims brought by former YPF minority shareholders, has pursued a sprawling enforcement campaign following a 2023 judgment of approximately $16 billion plus interest. Argentina has resisted enforcement on multiple fronts, appealing the merits ruling and contesting asset-identification discovery, while the plaintiffs have sought turnover of Argentina's interest in YPF itself.

For the litigation finance market, the order is another marker of how far-reaching post-judgment discovery can be in high-stakes sovereign enforcement — and how central funder-backed plaintiffs have become to the mechanics of collecting against state defendants. The decision is likely to intensify the ongoing standoff between Argentina and its creditors in the U.S. courts.

Commercial

South Korea Recovers Record ISDS Legal Costs After Schindler Pays 9.6 Billion Won

By John Freund |

South Korea has recovered a record amount in investor-state dispute settlement legal costs, with Swiss elevator manufacturer Schindler paying approximately 9.6 billion won to satisfy a cost award following its unsuccessful arbitration claim against the Korean government. The payment marks the largest ISDS cost recovery in the country's history and offers a notable data point for parties evaluating the downside risk of treaty-based claims.

As reported by Chosunbiz, Jo Ara, head of the international investment disputes division at South Korea's Ministry of Justice, confirmed the recovery during a briefing on the government's handling of the case. Schindler had pursued a long-running claim tied to its investment in Hyundai Elevator, which the tribunal ultimately declined to sustain, exposing the investor to a substantial cost-shifting order.

The outcome highlights the growing willingness of tribunals to allocate costs against unsuccessful claimants in investor-state proceedings, a trend that has direct implications for litigation funders active in the international arbitration market. Cost awards of this scale can materially affect the economics of funding ISDS claims and are increasingly a factor in underwriting decisions.

For the broader litigation finance community, the Schindler payment underscores why funders evaluating treaty claims closely monitor both merits risk and cost exposure. As more states pursue aggressive recovery strategies after successful defenses, the downside profile of funded ISDS portfolios continues to evolve.