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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

UK Competition Class Actions Face Tightening Scrutiny of Funders and Costs

The legal and economic foundations of opt-out competition claims in the United Kingdom are being tested with increasing rigour, as the Competition Appeal Tribunal and the appellate courts sharpen their examination of whether proceedings are proportionate, workable and genuinely beneficial to class members rather than to their advisers and funders.

As reported by Pinsent Masons, a series of recent decisions has established a markedly more demanding posture at the certification stage and beyond. In Mowi, the Tribunal declined to grant a collective proceedings order after concluding that the costs and benefits of the proposed proceedings did not support certification, expressing concern that any recovery might principally benefit legal advisers and funders rather than the represented class.

Other rulings have pressed on funder economics directly. The Tribunal approved a "drop hands" settlement in the Qualcomm proceedings — delivering no damages to an estimated 29 million consumers — only after close scrutiny and a finding that the claim had minimal prospects of success. In Innsworth, the High Court upheld limits on funder returns, confirming that a funder's profit must be assessed against the outcome actually delivered to the class and must represent a just and reasonable return.

Governance failures have also drawn consequences, with one case producing cost sanctions described as "unreasonable to a high degree" where funders withdrew without disclosure. Courts have separately warned that class representatives self-authorising fees at scale is undesirable and risks blurring the distinction between representative and funder interests.

The developments land alongside a government consultation on streamlining opt-out collective actions, open from 17 July to 25 September 2026, which is considering whether certification thresholds should place greater weight on proportionality and cost-benefit analysis.

Commercial

Legal Bay Expands Commercial Litigation Funding to Cryptocurrency Fraud Cases

Legal Bay LLC has extended its commercial litigation funding platform to cover cryptocurrency fraud claims, targeting a category of disputes in which claimants frequently hold substantial value that is illiquid or inaccessible while litigation proceeds.

According to a PR Newswire release, the new program is designed for victims of cyber and crypto-related fraud, allowing digital asset holders to access capital without liquidating holdings that are tied up in ongoing proceedings. The company said funding decisions typically arrive within 24 to 48 hours of documentation being submitted, and that the offering is available nationwide to plaintiffs, attorneys and commercial litigation clients.

Legal Bay chief executive Chris Janish said the firm believes it is "the first and most experienced company to evaluate and fund crypto cases nationwide," positioning the expansion as a first-mover step in a claim type that has grown alongside the broader digital asset market.

The move reflects a wider pattern in the funding industry, where capital providers have increasingly sought exposure to digital asset disputes — from exchange insolvencies and recovery actions to individual fraud claims — as the volume and complexity of such matters has risen. Cryptocurrency claims present a particular funding challenge: recovery can hinge on tracing assets across jurisdictions and counterparties, and claimants often face lengthy timelines with limited liquidity in the interim.

Legal Bay is a national provider of pre-settlement funding, commercial litigation funding and lawsuit funding. The company did not disclose the size of the capital allocation supporting the new program.

Commercial

Google Rivals Line Up Billions in EU Damages Claims as Funders Back the Wave

The European Commission's first enforcement action under the Digital Markets Act has opened the door to a fresh round of private damages litigation against Google, with third-party funders already positioned behind several of the claims.

As reported by Claims Journal, the $1 billion fine levied against Google for self-preferencing and restricting app developers has prompted price-comparison rivals across Europe to press for compensation, with the aggregate value of pending and prospective claims running into the billions.

Several actions are already well advanced. A Berlin court awarded German platform Idealo €465 million ($528.9 million) in November, and a Stockholm court in July ordered Google to pay roughly $1.97 billion including interest in the case brought by Sweden's PriceRunner. Italy's Moltiply Group, which operates Trovaprezzi.it, is seeking €2.97 billion, while U.K. comparison site Kelkoo is pursuing claims worth billions of pounds. Kelkoo chief executive Richard Stables said the company expects its claims "to be impacted somewhat by the DMA decision because it shows that Google is still self-referencing."

Litigation finance is a visible presence in the wave. LitFin is backing two claimant groups suing Google in Amsterdam over its shopping auctions, seeking more than $1 billion combined. LitFin chief operating officer Matej Pardo said "there are already a lot of these claims being filed, and probably more that are (being) prepared," while cautioning that such cases can take up to eight years to resolve.

Thomas Hoppner of Geradin Partners, which advised Idealo, said he expects the decision "will trigger a new wave of litigation." Google said it strongly disagrees with the lawsuits, describing the claimants as "companies looking for a payout instead of investing in their own products."