The Cork-based businessmen have brought proceedings arising out of the alleged unlawful dissemination of confidential, commercially sensitive information about them to third parties.
Nama acquired loans advanced to the brothers’ companies in 2010 and the parties had engaged in a major restructuring process.
Last May, Mr Farrell, with an address in Belgium, pleaded guilty before Dublin Circuit Court to eight counts of unlawfully disclosing information and was given a two-year suspended sentence.
In July, Nama allegedly confirmed to the O’Flynns and their company that information about them had been leaked by Mr Farrell.
The O’Flynns and their company claim the alleged leaks had a material and depreciative impact on the prices achieved by both them and Nama in the disposal of the assets from 2010 and 2013 and a significant loan sale in 2014.
At present, they say they cannot quantify their claim until further investigations can be carried out. To do this they need the discovery of certain documentation from the defendants. They wrote to Nama seeking the documents.
In reply, Nama told them that it was seeking guidance from the Garda Bureau of Fraud Investigation.
Lawyers for the O’Flynns asked Nama to confirm that subject to there being no objection from the gardaí, it would provide the documentation.
No reply was received and the O’Flynns and their company commenced proceedings, which they want admitted to the fast-track Commercial Court list, because they believe Nama will not provide them the documents sought.
In their action they seek damages for alleged breach of confidence, statutory duty, and alleged misfeasance in public office.
As part of the action, they also seek various orders, including one directing the defendants to provide them with documentation relating to the alleged dissemination of confidential information about the O’Flynns and companies with which they were associated.
They also want to be provided with documents showing the circumstances in which the alleged dissemination took place and the names and addresses of those parties who allegedly received confidential information.
They also want the defendants to be restrained from destroying or deleting any relevant documents.
The matter was briefly mentioned before Mr Justice Brian McGovern at the Commercial Court yesterday.
After agreeing to adjourn the matter for a week, the judge questioned if the action was an appropriate one for the fast-track Commercial Court next week.
He asked lawyers in the case to consider that between now and when the matter returns before the court next week.