The Court of Appeal in London has unanimously dismissed an appeal by Altana Wealth Limited and Brevent Advisory Ltd, upholding an earlier High Court ruling in favour of Illiquidx Ltd in a dispute over the creation of an investment fund focused on distressed Venezuelan debt.
Illiquidx was represented by Quinn Emanuel.
The proceedings arose from a joint venture agreement and non-disclosure agreement between Illiquidx, Altana and Brevent to establish a fund investing in distressed Venezuelan debt. Although the proposed venture did not proceed to launch a fund, Altana subsequently established its own fund, the ACOF, which was focused on the same market.
In February 2025, the High Court found that Altana and Brevent had misused Illiquidx’s confidential information in establishing the ACOF. The court held that the defendants were liable for breach of contract, breach of confidence and breach of trade secrets.
Altana and Brevent appealed the decision on three grounds, principally arguing that Illiquidx’s confidential information was already in the public domain and therefore not protected under the terms of the non-disclosure agreement.
The Court of Appeal rejected all three grounds of appeal. In its judgment, the court reaffirmed the established English law principles governing confidential information and upheld the trial judge’s finding that Illiquidx’s confidential information, namely the opportunity to establish a sanctions-compliant fund to exploit undervalued Venezuelan debt, was not in the public domain.
The Quinn Emanuel team acting for Illiquidx was led by partners Epaminontas Triantafilou and David Lancaster, the firm’s Head of Intellectual Property Litigation. They were supported by Andrew Green KC and Mark Vinall of Blackstone Chambers, and Charles Wall of Brick Court Chambers.
