Skip to Main Content

Steven Herscovici is an economist specializing in the application of economics, finance, and data analysis to litigation and other complex business issues.

He has served as an expert witness in antitrust, employment discrimination, and commercial damages litigation. He has also testified on the valuation of music copyrights on behalf of performing rights organizations, music publishers, and record companies.

Dr. Herscovici has experience designing surveys used to assess factors such as substitutability across competing products, damages, and consumer awareness or confusion. In addition, he has provided economic analyses and damages estimates in finance, environmental, and general business litigation matters across a wide range of industries, including payment cards, entertainment, financial services, travel, and utilities.

On matters of public policy, Dr. Herscovici was a coauthor of the report commissioned by Office of the Governor for the Commonwealth of Massachusetts to evaluate the Boston 2024 bid for the 2024 Summer Olympic Games. He also has coauthored amicus briefs with other academic and consulting economists on antitrust issues involving the pharmaceutical industry.

Dr. Herscovici has extensive experience managing large, high-profile economic consulting projects, many involving multiple expert witnesses. He has led case teams providing consulting support throughout all stages of litigation, from the pre-complaint phase through trial. He has also presented economic analyses in response to civil investigations and merger reviews to the Department of Justice, the Federal Trade Commission, the Securities and Exchange Commission, and state agencies.

Prior to joining The Brattle Group, Dr. Herscovici was a managing principal at Analysis Group.

Representative Engagements
Drug Mart Pharmacy et al. v. American Home Products Corp. et al.
On behalf of drug manufacturers accused by over 900 independent pharmacies of violating the Robinson-Patman Act, Dr. Herscovici led analyses of data on prescriptions filled by a sample of Plaintiffs and pharmacy benefit managers (PBMs) to determine the extent to which the independents lost business to the PBMs. A federal district judge ruled in favor of the drug manufacturers, in part citing a declaration filed by Dr. Herscovici, which found that very few customers were lost to PBMs.
Copyright valuation
Dr. Herscovici has significant experience valuing music copyrights on behalf of performing rights organizations, music publishers, and sound recording interests. He has performed analyses that were used for valuing industry licenses, estimating damages in copyright infringement matters, and providing business consulting to clients.
Competitive effects of a hospital merger
Dr. Herscovici managed economic analyses evaluating the potential effects of a for-profit hospital system acquiring a not-for-profit community hospital in the Boston area. The analysis evaluated the potential impact of the acquisition on competition and patient access to services, and was presented to the Massachusetts Attorney General’s Office, which subsequently approved the acquisition.
Hostile takeover litigation
Dr. Herscovici has experience in corporate litigation surrounding mergers and acquisitions involving the analysis of the terms of hostile bids, information disclosures, and the financial impact of transactions on the acquirer and target.
Testimony
Helen Brown et. al. v. Town of Lexington

Commonwealth of Massachusetts, Middlesex Superior Court

Deposition testimony concerning market definition and tying allegations

Masda Corporation v. Empire Comfort Systems, Inc.

United States District Court, District of New Jersey

Deposition testimony concerning lost profits in distributor termination case

MasterCard International Incorporated v. First National Bank of Omaha, Inc.

United States District Court, Southern District New York

Deposition testimony concerning competition in payment card industry

SESAC Inc. v. Television Music License Committee

American Arbitration Association

Testimony involving valuation of music performed on broadcast television

In the Matter of Adjustment of Rates and Terms for Preexisting Subscription Services and Satellite Digital Radio Services

Before the Copyright Royalty Judges, Librarian of Congress

Deposition and trial testimony in proceeding to determine royalty rate for music broadcast on satellite radio services

Publications
Presentation
Music Licensing: Background and Economic Issues
August 11, 2017
Presented at the Music Industry Research Association’s (MIRA) Conference
Article
Proposal to Remedy Horizontal Shareholding is Flawed
July 18, 2017
Published in Law360

This article evaluates a proposed remedy that would allow investors to hold shares in one company in a concentrated industry, or limit their shareholdings to no more than one percent of the industry.

Report
Brief of Antitrust Economists as Amicus Curiae in Re: Wellbutrin XL Antitrust Litigation
May 12, 2016
Prepared for the United States Court of Appeals for the Third Circuit
Report
Analysis of the Boston 2024 Proposed Summer Olympic Plans - Executive Summary
August 17, 2015
Coleman D. Bazelon, Pallavi Seth, Steven Herscovici, Mark P. Berkman, Allen R. Sanderson, Brad Humphreys, Joseph J. Floyd, and Michael P. Abasciano
Prepared for the Commonwealth of Massachusetts Office of the Governor, President of the Senate, and Speaker of the House
Report
Analysis of the Boston 2024 Proposed Summer Olympic Plans
August 17, 2015
Coleman D. Bazelon, Pallavi Seth, Steven Herscovici, Mark P. Berkman, Allen R. Sanderson, Brad Humphreys, Joseph J. Floyd, and Michael P. Abasciano
Prepared for the Commonwealth of Massachusetts Office of the Governor, President of the Senate, and Speaker of the House
Report
Brief of Antitrust Economists as Amici Curiae in Support of Defendants-Appellants
January 15, 2015
Lisa J. Cameron, Steven Herscovici, Henry G. Grabowski, Sheila Coombs Branyan, Kenneth G. Elzinga, Paul Greenberg, James W. Hughes, Anne Layne-Farrar, Kevin M. Murphy, Janusz A. Ordover, Ann E. Querns, Bradley N. Reiff, Jeremy A. Rist, John Rizzo, William H. Roberts, Edward A. Snyder, Bruce Stangle, Robert H. Topel, and Michael Wohlgenant
Prepared for the United States Court of Appeals for the Second Circuit
Presentation
How to Excel in Complex Cases Involving a Large Number of Documents and Multiple Experts
April 2013
Presented at the SEAK 22nd Annual National Expert Witness Conference
Article
An Economic Framework for Analyzing Covenants Not to Compete
May 2011
Steven Herscovici, Elaine Fleming, and Keith R. Ugone
Published in Expert Witnesses
Article
The Changing Landscape For Credit Ratings
October 18, 2010
Steven Herscovici and William Chambers
Published in Securities Law360
Article
Is Delaware’s Antitakeover Statute Unconstitutional? Further Analysis and a Reply to Symposium Participants
May 2010
Steven Herscovici, Guhan Subramanian, and Brian Barbetta
Published in The Business Lawyer
Article
Is Delaware’s Antitakeover Statute Unconstitutional? Evidence from 1988-2008
May 2010
Steven Herscovici, Guhan Subramanian, and Brian Barbetta
Published in The Business Lawyer
Presentation
Credit Rating Agencies and the Credit Crisis: What Securities Attorneys Need to Know
April 13, 2010
Steven Herscovici and William Chambers
Webinar Presentation
Article
Getting the Most out of Your Experts
October 2007
Steven Herscovici, Pierre Y. Cremieux, and Elizabeth A. Eccher
Published in Expert Alert (Reprinted in Pretrial Practice & Discovery)
Article
Assessing Conflict, Impact, and Common Methods of Proof in Intermediate Indirect-Purchaser Class Action Litigation
September 2006
Steven Herscovici, Pierre Y. Cremieux, Adam Decter, and Robert Mascola
Published in Economics Committee Newsletter
News & Events
November 07, 2018
Brattle Economist Files Report against the Department of Defense Regarding Legal Permanent Residents' Ability to Serve in Military

The Brattle Group is currently working with Latham and Watkins LLP and the American Civil Liberties Union (ACLU) Foundation of Southern California on their motion for a preliminary injunction in an action filed against the Department of Defense and Secretary of Defense James Mattis.

January 01, 2018
Brattle Team Helps SoundExchange Secure Favorable Licensing Fee in CRB Proceeding

A Brattle team recently assisted counsel for SoundExchange in a proceeding before the Copyright Royalty Board to determine the license fee that SiriusXM Satellite Radio will pay for the right to broadcast sound recordings from 2018 through 2022.

August 11, 2017
Steven Herscovici to Present at First Annual Music Industry Research Association Conference

Brattle Principal Steven Herscovici will present at the first annual Music Industry Research Association’s (MIRA) Conference, taking place August 10-11, 2017 at the University of California Los Angeles (UCLA) in Los Angeles, CA.

July 18, 2017
Brattle Economists Author Law360 Article on Proposed Remedies to Horizontal Shareholding

Brattle economists Elaine Buckberg, Steven Herscovici, James Reitzes, and Branko Jovanovic have authored a Law360 article addressing claims from recent studies that competition is adversely affected when “institutional investors hold significant shares in multiple firms within a ‘concentrated’ industry.”

May 12, 2016
Brattle Economist Contributes to Amicus Brief in Wellbutrin XL Antitrust Litigation

Brattle Principal Steven Herscovici recently contributed to an amicus brief in support of defendant-appellees including SmithKline Beecham Corporation in Re: Wellbutrin XL Antitrust Litigation, an antitrust case currently before the U.S. Court of Appeals for the Third Circuit.

February 25, 2016
Brattle Economists Contribute to Amicus Brief in Effexor Pay-for-Delay Litigation

Brattle Principals Steven Herscovici and Lisa Cameron and Academic Advisor Professor Joshua Gans recently assisted in preparing an amicus brief in support of defendants-appellees Wyeth LLC and Teva Pharmaceutical Industries Ltd in In re: Effexor XR Antitrust.

August 31, 2015
Brattle Economists Sign Amicus Brief in Support of Defendants in Loestrin 24 FE Antitrust Case

Brattle Principals Lisa Cameron and Steven Herscovici recently assisted in preparing an amicus brief in support of defendants-appellants Warner Chilcott Company, LLC in In Re: Loestrin 24 FE Antitrust Litigation, an antitrust case that is currently before the United States Court of Appeals for the First Circuit.

August 18, 2015
Report by Brattle Economists Assesses Potential Economic Impacts of Boston's Proposed Bid to Host 2024 Summer Olympic Games

Economists at The Brattle Group have authored a report that provides an independent analysis of the potential economic impacts of Boston’s proposed bid to host the 2024 Summer Olympic Games.

May 29, 2015
Brattle Client Warner Chilcott Granted Summary Judgment in Pharmaceutical Antitrust Case

In a closely-watched pharmaceutical antitrust case, Brattle client Warner Chilcott prevailed in a motion for summary judgment against Mylan Pharmaceuticals. Mylan, which produced a generic version of Warner Chilcott’s branded acne medication Doryx, alleged that Warner Chilcott had acted anticompetitively by product hopping. A Brattle team led by principals Steve Herscovici and Lisa Cameron worked closely with attorneys from White & Case in providing analytical support for four different experts.

January 16, 2015
Brattle Economists Sign Amicus Brief in Support of Defendants Actavis PLC in Pharmaceuticals Antitrust Case

Brattle economists Lisa Cameron and Steven Herscovici recently assisted in preparing an amici curiae brief in support of the defendants-appellants Actavis PLC and its subsidiary, Forest Laboratories LLC, in an antitrust case in the United States Court of Appeals for the Second Circuit.

Personal Interests

Steve has wide-ranging interests outside of the office including hiking, bicycling, and skiing (downhill, cross country, and telemark). He has recently taken up rowing on the Charles River.

In addition, Steve has been involved with a number of Boston-area non-profits related to public K-12 education. He is currently a Board Member and Treasurer of Friends of Brookline Rowing/Dirty Water Boat Club.