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Financial Institutions

The Brattle Group provides expert testimony, analysis, and financial economic consulting in litigation and regulatory matters affecting financial institutions.

Our economic experts, including renowned academics and industry specialists, possess deep expertise in finance and economic theory, regulatory and industry custom and practice, and accounting. Our experts include former senior staff of large financial institutions, as well as former regulators and senior government officials, allowing us to provide our clients with detailed, real-world knowledge of how various financial institutions actually operate.

Our experts have experience supporting clients on both the commercial and regulatory sides of issues. We have addressed contractual disputes, regulatory compliance, risk management processes, asset valuation, industry custom and practice, and standard of care. Our experience spans a range of engagements involving commercial lending, mortgage securitization, securities trading and risk management, custody of securities, hedge fund administration, securities fraud, tax disputes, credit crisis litigation, broker/client investment suitability and foreseeability, bankruptcy and ability to pay, and competition.

Areas of Expertise
NEWS

The Brattle Group Prizes for best papers in Corporate Finance for 2017, judged to be exceptional by the associate editors of The Journal of Finance, were awarded at the 2017 American Finance Association's Annual Meeting in Philadelphia, PA on January 5-7, 2018.

CASE HIGHLIGHT

Brattle experts support Nobel Prize winning economist Joseph Stiglitz in dispute between Ireland's National Asset Management Agency and successful property manager Patrick McKillen.

Engagements
REPRESENTATIVE ENGAGEMENTS

Below is a list of representative engagements for our Financial Institutions practice.

Anwar v. Fairfield Greenwich Limited
Arising out of the Madoff Ponzi scheme, a Brattle principal provided expert testimony addressing the nature of the hedge fund organizations and the role of a securities custodian, together with the duties and responsibilities of the securities custodian based upon industry standards and practices and the service agreement executed with the fund.
United States of America v. BNP Paribas SA
A Brattle principal provided expert testimony under the False Claims Act in United States of America v. BNP Paribas SA regarding bank supervisory, due diligence, and monitoring responsibilities for commercial loans supported by a U.S. Government guaranty.
Dugan et. al. v. Lloyds Bank

In various class and state court actions, a Brattle principal provided expert testimony on behalf of Lloyds Bank addressing commercial lending custom and practice in the administration of loan agreement contractual terms and conditions.

Thornburg Mortgage (Trustee) v. Barclays Capital

On behalf of Barclays Capital in a disputed margin call brought by the bankruptcy trustee of Thornburg Mortgage, a Brattle principal provided damages testimony. We also sourced and supported an expert in Master Repurchase Agreement custom and practice. The matter was settled.

Starr v. US
In Starr v. US, a Brattle principal developed expert testimony on the conduct of the Federal Reserve in acting as lender of last resort to systemically important financial institutions as the financial crisis developed in 2008. This analysis examined the historical uses of Section 13(3) of the Federal Reserve Act and the differences in treatment of institutions that were provided assistance in response to the crisis. The various actions of the Federal Reserve were explained in the context of the structure of the U.S. financial markets, the role of the shadow banking system, and how a combination of factors precipitated a run in the repo system as market liquidity collapsed.
Various Claimants v. UBS Financial Services, Inc.
A Brattle expert has experience testifying for respondent’s counsel in several disputes involving investments in various Lehman Brothers-issued structured notes. Topics included product, issuer, and market risks; foreseeability of Lehman’s demise; market events and Government response; and product disclosures.
Boldwater Credit Opportunities Fund I L.P. v. Derivatives Portfolio Management, L.L.C.
A Brattle principal provided expert advice and testimony on behalf of a hedge fund in relation to the role and responsibility of hedge fund administrators, the contractual obligations typically contained in administration agreements and in the agreement in question, the administrator’s performance under the agreement, investor perceptions of operations risk, and the incentives contained in earn-out purchase agreements.
Experts
Principals
Academic Advisor & Other Outside Experts
Richard A. Brealey
Academic Advisor
London Business School
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James Dow
Academic Advisor
London Business School
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Alex Edmans
Academic Advisor
London Business School
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Clifford G. Holderness
Academic Advisor
Boston College
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Gordon Klein
Outside Expert
University of California, Los Angeles, Anderson School of Management
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Donald R. Lessard
Academic Advisor
MIT Sloan School of Management
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Dennis E. Logue
Academic Advisor
Tuck School at Dartmouth University
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Paul Pfleiderer
Outside Expert
Stanford Graduate School of Business
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Suresh M. Sundaresan
Academic Advisor
Columbia University
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Roman L. Weil
Outside Expert
University of Chicago Booth School of Business
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Michael S. Weisbach
Academic Advisor
The Ohio State University
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Mark T. Williams
Academic Advisor
Boston University
View Bio
Senior Consultants
Senior Associates
Publications
Publication
Target Date Funds: Economic, Regulatory And Legal Trends
December 08, 2017
Published in Law360
Article
Liquidity commonality in the secondary corporate loan market
October 31, 2017
Published in Economics Letters

The study is the first to examine liquidly commonality, a measure of liquidity risk, in the United States secondary corporate loan market.

Report
Target Date Funds: Economic Regulatory, and Legal Trends
September 26, 2017
Published by The Brattle Group, Inc.

In the first of a series of papers examining key economic, regulatory, and legal issues related to target date funds (TDFs), Brattle experts Chris Laursen, Ioannis Gkatzimas, and Branko Jovanovic provide an overview of TDFs, report on significant market trends, and summarize recent related litigation.

Article
The Impact of International Information Disclosure Requirements on Market Discipline
August 24, 2016
Pedro de Araujo and Kirby I. Leyshon
Published in Applied Economics
The study investigates which specific disclosure requirements influence financial investors to discipline banks and which do not. The authors find that the information disclosure requirements primarily reduce or have no impact on market discipline practices.
Report
The Role of Institutional Investors in Open-Market Share Repurchase Programs
December 29, 2014
Yingzhen Li, Thomas Chemmanur, and Yingzhen Li
Published in Social Science Research Network (SSRN)
Article
High-Frequency Trading Litigation Presents Complex Issues for Experts
June 2014
Zachary Ziliak, Pavitra Kumar, and Torben Voetmann
Published by The Brattle Group, Inc. Published on Law360
Article
BSA and AML Enforcement Trends and D&O Liability
April 04, 2014
Published in the D&O Diary
Article
Rural Metro: Another Shackelton Expedition Falls Short of the Podium
March 2014
Published by The Brattle Group, Inc.
Article
Skill Differences in Corporate Acquisitions
December 2013
Jeffrey Jaffe, David Pedersen, and Torben Voetmann
Published in Journal of Corporate Finance, Volume 23
Book
Principles of Corporate Finance
January 2013
Richard A. Brealey, Stewart C. Myers, and Franklin Allen
Published by McGraw-Hill, 11th edition, with translations into many languages, including Czech, French, Hungarian, Indonesian, Italian, Japanese, Portuguese, Russian and Spanish.
Presentation
Control Premiums / Minority Discounts Recent Cases and Economic Evidence
October 18, 2012
Presented for The Knowledge Congress Webcast Series
Report
Economic Considerations in Litigation Against the Credit Rating Agencies
April 2012
Bin Zhou and Pavitra Kumar
Published by The Brattle Group, Inc.
Presentation
The Proposed Volcker Rule Analysis and Panel Discussion
February 14, 2012
Presented at the PRMIA Meeting, New York, NY
Newsletter
The European Debt Crisis and the Role of the European Central Bank
2012
Published by The Brattle Group, Inc.
News & Knowledge
May 10, 2018
Brattle Academic Advisor Michael Goldstein to Present at SEC's Annual Conference on Financial Market Regulation

Brattle Academic Advisor Michael Goldstein will discuss “The Value of a Millisecond: Harnessing Information in Fast, Fragmented Markets" at the 5th Annual Conference on Financial Market Regulation.

February 15, 2018
American Finance Association Announces 2017 Recipients of The Brattle Group Prize

The Brattle Group Prizes for best papers in Corporate Finance for 2017, judged to be exceptional by the associate editors of The Journal of Finance, were awarded at the 2017 American Finance Association's Annual Meeting in Philadelphia, PA on January 5-7, 2018.

October 31, 2017
John Anthony Co-Authors Article on Liquidity Commonality in Economics Letters

Brattle Associate John Anthony recently co-authored the study “Liquidity commonality in the secondary corporate loan market” for the December 2017 issue of Economics Letters.

October 18, 2017
Bruce Tsuchida to Present at Caribbean Renewable Energy Forum

Brattle Principal Bruce Tsuchida will present at the 2017 Caribbean Renewable Energy Form (CREF), taking place October 18-20, 2017 in Miami, FL.

October 18, 2017
Jürgen Weiss to Present at California ISO Stakeholder Symposium

Brattle Principal Jürgen Weiss will present at California ISO’s 2017 Stakeholder Symposium, taking place October 18-19, 2017 in Sacramento, CA.

September 26, 2017
John Anthony to Participate in Global Credit Data Analytics Workshop

Brattle Associate John Anthony will participate in the upcoming Global Credit Data conference, taking place September 25-26th, 2017 in New York, NY.

September 26, 2017
Brattle Experts Examine Target Date Funds in New Publication

In the first of a series of papers examining key economic, regulatory, and legal issues related to target date funds (TDFs), Brattle experts Chris Laursen, Ioannis Gkatzimas, and Branko Jovanovic provide an overview of TDFs, report on significant market trends, and summarize recent related litigation.

September 12, 2017
Brattle Principals Elaine Buckberg and Chris Laursen to Present on Core Principles for Financial Regulation

Speakers from The Brattle Group and Morrison & Foerster LLP will present during a seminar on “Core Principles for Financial Regulation,” on September 12, 2017 from 8:30 - 10:00 AM EST.

July 17, 2017
Michael Kline to Present at National Association of Regulatory Utility Commissioners’ Summer Policy Summit

Brattle Senior Associate Michael Kline will present at the National Association of Regulatory Utility Commissioners’ (NARUC) Summer Policy Summit, taking place July 17-19, 2017 in San Diego, CA.

March 03, 2017
Shastri Sandy to Present at Midwest Finance Association’s Annual Conference

Brattle Associate Shastri Sandy will present at the Midwest Finance Association’s (MFA) 66th Annual Conference taking place March 1-4, 2017 in Chicago, IL

January 31, 2017
Finance Expert Laurence Freed Joins The Brattle Group’s New York Office

The Brattle Group announced today that finance expert Laurence Freed has joined the firm’s New York office as a senior consultant.

January 11, 2017
American Finance Association Announces 2016 Recipients of The Brattle Group Prize

The Brattle Group Prizes for best papers in Corporate Finance for 2016, judged to be exceptional by the associate editors of The Journal of Finance, were awarded at the 2017 American Finance Association's (AFA) Annual Meeting in Chicago, IL on January 6-8, 2017.

October 13, 2015
Metin Celebi to Present on Clean Power Plan and Electric Reliability at the Wisconsin Energy Institute 2015 Energy Summit

Brattle principal Metin Celebi will present that the upcoming Wisconsin Energy Institute 2015 Energy Summit, “Air & Energy: The Path Ahead for U.S. States,” taking place October 12-14, 2015 in Madison, WI.

May 28, 2015
Brattle Economists Author Law360 Article on the Use of Big Data in Financial Investigations

Brattle principals Paul Hinton and Mark Sarro, associate Rand Ghayad, and Kevin Rosenberg of Lowenstein & Weatherwax recently co-authored an article on Law360, “Big Data’s Big Impact In Financial Investigations,” which describes the challenges in detecting trade-based money laundering (TBML) for financial institutions, other businesses, and law enforcement.

October 15, 2014
Andrew Abere and Lisa Cameron to Present to NYSBA Antitrust Section Executive Committee and the NYC Bar Association’s Antitrust and Trade Regulation Committee

Andrew Abere and Lisa Cameron have been selected to present at an upcoming meeting of the New York State Bar Association’s Antitrust Section Executive Committee and the New York City Bar Association’s Antitrust and Trade Regulation Committee. The event will take place on October 15, 2014 at Shearman & Sterling LLP in New York, NY.

October 10, 2014
Coleman Bazelon Contributes to Landmark Decision in Texas Voting Rights Case by Evaluating the Economic Burden of SB 14

Coleman Bazelon testified in the closely watched voting rights case, Marc Veasey, et al. vs. Rick Perry, et al., that African Americans in Texas are disproportionately impacted economically by a Texas law requiring voters to present photo identification to retain the right to vote in person.

July 16, 2014
Brattle Consultants Lead Demand Response Workshop Before Thai Energy Regulatory Commission and Utilities Delegation

Brattle consultants presented a half-day workshop on the growth of demand response technology in the electric utility industry before the Energy Regulatory Commission of Thailand, along with other representatives on July 16, 2014 at EnerNOC’s Boston headquarters.