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Commercial Deals

Request for Funding in Irish Breach of NDA Case

A new request for funding by an Irish law firm seeks financing for commercial proceedings in the London High Court on behalf of a private company and two of its directors. The claim is being brought against an unnamed European Union state authority in relation to the alleged breach of a non-disclosure agreement which then led to the alleged theft of the plaintiff’s intellectual property.

The EU state authority is reportedly one with “delegated responsibility for motorway infrastructure”, whilst the claimant’s intellectual property is described as “a patented micropayment solution”. The proposed defendants reportedly engaged in anti-competitive behavior and abused their power with regards to the “toll road collection business”, leading to the plaintiffs losing profits whilst the defendants gained.

Interested parties should contact:

doran@doranwotoole.com
+353 1 204 2990

Doran W. OToole & Co Solicitors
Bray Office
County Wicklow
Ireland

Commercial

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Community Spotlights

Community Spotlight: Aisling Byrne, Co-Founder, Nera Capital

By John Freund and 4 others |

Aisling Byrne is the Co-Founder of Nera Capital, a pioneering legal funding provider reshaping the landscape of litigation finance. Hailing from Ireland, she co-founded Nera Capital in response to the financial challenges following the 2008 global economic downturn, recognising the need for innovative funding solutions to support law firms and their clients.

With deep expertise in litigation finance, she has driven Nera Capital’s expansion into the UK consumer market while spearheading commercial litigation funding across Europe and the USA. Under her leadership, the firm has played a pivotal role in funding landmark actions in many jurisdictions. Beyond her professional achievements, Aisling is a passionate equestrian, competing internationally in showjumping with a talented string of horses.

Company Name: Nera Capital

Company Description: Founded in 2011, Nera Capital was established with a bold vision - to revolutionise legal finance by seamlessly integrating modern technology with traditional values. By funding essential disbursements, Nera Capital empowers law firms to pursue justice without financial constraints, ensuring that clients can access the legal representation they deserve.

With a proven track record of delivering pragmatic funding solutions, Nera has helped partner firms achieve remarkable growth in a short time. More than just a funder, Nera Capital serves as a strategic partner, leveraging its industry expertise, technology and extensive network to drive success for its clients.

Company Website: neracapital.com

Year Founded: 2011

Headquarters: Ireland, with offices in Manchester and The Netherlands

Areas of Focus: Nera Capital provides Law Firm funding across a diverse range of claim portfolios, including Financial Mis-selling, Data Breach, Personal Injury, and more. Always at the forefront of legal finance, Nera continually explores new claim types and remains open to innovative funding opportunities.

Member Quote: “When it comes to litigation funding, strategy and collaboration are key. A well-structured funding solution requires more than just financial backing - it demands a deep understanding of legal complexities, a forward-thinking approach, and a team that is both skilled and adaptable. At Nera Capital, we believe in building long-term partnerships with law firms, providing them with not just capital, but also the strategic guidance and support needed to navigate challenges and maximise success. By combining financial and technical expertise with a keen insight into evolving legal landscapes, we ensure that meritorious claims receive the investment they need to deliver justice.”

Announcements Commercial Fundraising

Omni Bridgeway Announces Financial Close of Fund 9

By Harry Moran and 4 others |

Omni Bridgeway Limited (ASX: OBL) (Omni Bridgeway, OBL) is pleased to announce  Financial Close of its Secondary Market Transaction ,which was first announced upon signing on 18 December 2024 (link). The transaction involves the establishment of Fund 9 as a continuation fund, with funds managed by Ares Management Corporation (Ares) as the capital provider. Fund 9 has acquired a number of Omni Bridgeway’s co-investment interests in its funds.

An initial payment of A$275m has been received from Ares, which has been used to fully repay OBL’s outstanding debt of A$250m and to meet transaction costs, with the balance going to OBL to fund working capital requirements.

OBL is entitled to a further upfront consideration payment to reflect the balance of value of the interests acquired by Fund 9 at the time of signing.  This is due to be received from Ares at the end of March 2025. OBL expects the total upfront proceeds to be in the range of A$310m–A$320m, subject to interim FX movements.

1H25 results webcastFollowing the release of its results for the six months to 31 December 2024, OBL will host a market briefing at 9:30am AEDT on Thursday 27 February 2025. To access this event, please register at https://webcast.openbriefing.com/obl-hyr-2025/.

Case Developments Commercial

Federal Court of Australia Rules Against Claimants in Shareholder Class Action Funded by LCM

By Harry Moran and 4 others |

Whilst Australia remains a top jurisdiction for litigation funders looking to support impactful class actions, there is no amount of due diligence or analysis that can guarantee the end result will be a positive one for the claimants or funder.

An announcement from Litigation Capital Management (LCM) revealed that the Federal Court of Australia has provided an unfavourable ruling in a shareholder class action that LCM had funded. The class action was brought against Quintis Limited and its auditors, Ernst & Young, over allegations that they had engaged in false or misleading conduct which resulted in shareholders suffering financial losses.

LCM noted that whilst the Federal Court ruled that both the above parties had “engaged in misleading and deceptive conduct”, the claimants had not been able to prove  that this conduct had directly resulted in loss and damage. In the ruling, Justice Sharrif concluded that he was “not satisfied that the Davis Applicants have established their case as to causation, such that they have not established their case as to recovery of causally-connected loss.”

LCM disclosed that it has invested A$13.2 million in the case, which is supported by an insurance policy to cover any adverse costs exposure. Furthermore, LCM stated that there is a 28-day window for any appeal against the judgment to be filed, with the funder and its legal team currently considering “the merits of any appeal.” 

Patrick Moloney, CEO of LCM, provided the following statement on the Federal Court’s ruling: "In this shareholder class action, our funded claim established misleading and deceptive conduct by the director and the auditors on the facts before the court. The case did not succeed in determining loss caused by this conduct and we are considering carefully with our legal team why this is the case. It is an unusual outcome that the court found that the financial statements in question were misleading, but that this did not result in loss for the shareholders in Quintis. Our focus now is on assessing the Judgment and determining the best course of action alongside our legal team. We remain committed to our disciplined approach in managing risk and capital across our portfolio."

The full judgment from the Federal Court can be read here.