Securities & Finance

Principals in Brattle’s Securities & Finance Practice provide consulting and testimony related to all phases of commercial litigation and regulatory proceedings, including securities fraud, insider trading, and market manipulation.

We are retained by attorneys in complex securities and finance litigation to provide consulting and testimony on issues related to class certification, causation, market efficiency, materiality, and damages.

Our principals and academic advisors have wide-ranging academic qualifications and industry experience. We draw on a broader network of leading academic and industry experts to meet the needs of our clients. Brattle has expertise and experience in matters in the United States, Canada, Europe, Asia, South America, Australia, and New Zealand. We have worked on a range of litigation issues, including:

  • Class action litigation brought under securities laws and ERISA
  • FX trading manipulation
  • EUROBOR and LIBOR manipulation
  • CDS valuation and manipulation
  • Mutual fund market timing
  • Options backdating
  • IPO allocations
  • Contested mergers
  • SEC allegations and insider trading

Some of the noteworthy cases we have worked on include:

  • Starr v. US takings action
  • Lehman bond class action
  • Lehman CDS action
  • Barclays v. Bear Stearns litigation
  • Syncora v. Countrywide RMBS litigation
  • Flagstar mortgage put-back case
  • Madoff feeder fund cases

Areas of Expertise

Principals
Belanger 053
Principal
+1.617.864.7900
Mr. Belanger provides consulting and litigation support to the financial services industry including both standard of care and industry custom and practice. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Guy ben ishai photo bio
Principal
+1.212.789.3650
Dr. Ben-Ishai has extensive expertise in competition, securities, and product liability matters. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Borucki 113
Principal
+1.617.864.7900
Ms. Borucki is a financial economist with experience providing advice and developing expert testimony on the application of corporate finance and economics in both litigation and strategic engagements. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Buckberg search v2
Principal
+1.202.955.5050
Dr. Buckberg provides consulting services and testimony in litigation and regulatory disputes in finance, complex commercial litigation, and bankruptcy and advises parties in public-private partnerships for infrastructure investment. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Loannisgkatzimas
Principal
+1.415.217.1057
+1.415.416.8629
Mr. Gkatzimas' primary focus is on the valuation of complex securities and portfolios for both commercial litigation and regulatory matters. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Webrichgoldberg img 4749
Principal
+1.415.217.1000
Dr. Goldberg specializes in complex litigation in which careful analysis and modeling of economic, business, or financial data is critical. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Hinton 035
Principal
+1.212.789.3666
Mr. Hinton has over 20 years of experience directing projects and providing expert testimony in securities litigation and enforcement. Mr. Hinton is an expert on topics in finance, economics, and valuation. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Laursen cropped for web search new
Principal
+1.202.955.5050
Mr. Laursen is an expert in financial products and institutions, markets, regulation, and risk management. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Adorialim40 new2
Principal
+1.415.217.1064
+1.415.350.3870
Ms. Adoria Lim is a Certified Public Accountant (CPA) with over 15 years of experience in accounting and finance at a Big 4 accounting firm, a Fortune 500 publicly-traded company, and top-tier and boutique consulting firms. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Oldfield 098 1
Principal
+1.202.955.5050
Dr. Oldfield is an expert in financial economics, including mortgage securitization, trading strategies, market making, corporate bond valuation, financial derivatives, and risk management. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Polson photo bio
Principal
+1.416.360.4849
Mr. Polson advises corporations, governments, and law firms on valuation and commercial damages issues, particularly in connection with securities, tax, and mergers and acquisitions disputes. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Read 050
Principal
+1.617.864.7900
Mr. Read is an expert in valuation, risk management, and capital budgeting in the energy industry, especially electric power and natural gas. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Sacks 124
Principal
+1.202.955.5050
Mr. Sacks has more than fifteen years of consulting experience in valuation, international arbitration, securities, commercial damages, tax, and product liability matters. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Sarro 061
Principal
+1.617.864.7900
Dr. Sarro is principal and director of The Brattle Group, and a leader of its practice in cases involving “big data” and document analytics. He is a financial and empirical economist who is the lead consulting expert to investigative and trial teams in complex investigations and high-stakes litigation. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Voetmann 055
Principal
+1.415.217.1007
+1.415.235.5709
Dr. Voetmann focuses on cases that involve complex economic and financial issues. He has worked with clients and experts on securities cases and valuation disputes related to capital markets and financial institutions. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Zhou 082
Principal
+1.617.864.7900
Dr. Zhou is a valuation, corporate finance, and accounting expert with more than 15 years of consulting experience. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Academic Advisors
Academic Advisor
Dr. Goldstein is Professor of Finance at Babson College, where he holds the Donald P. Babson Chair in Applied Investments. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Academic Advisor
Mr. Holderness is a Professor of Finance at the Wallace E. Carroll School of Management at Boston College and Visiting Professor of Finance at the Sloan School of Management at MIT. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Academic Advisor
Dennis Logue is chair of the board of directors at Ledyard National Bank in Hanover, New Hampshire and a professor emeritus at Dartmouth College. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Academic Advisor
Madansky is the H.G.B. Alexander Professor Emeritus of Business Administration in the Graduate School of Business at The University of Chicago. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Academic Advisor
Dr. Sundaresan is the Chase Manhattan Bank Professor of Economics and Finance at Columbia University. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Academic Advisor
Dr. Weisbach is the Ralph W. Kurtz Chair in Finance at the Fisher School of Business at The Ohio State University and a research associate at the National Bureau of Economic Research. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Williams bio search
Academic Advisor
Professor Williams, a risk management expert, teaches finance and economics at Boston University. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Senior Consultants
Senior Consultant
+1.212.789.3650
Mr. Freed has provided consulting and expert services in the areas of financial products and markets, valuation and risk management, and media finance. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Branko bio 2
Senior Consultant
Branko Jovanovic specializes in providing economic analysis and expert testimony in the areas of securities and finance, and consumer protection across a wide range of industries. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Senior Associates
Aharonian 077
Senior Associate
(Toronto) +1.416.360.4852
(Boston) +1.617.864.7900
Dr. Aharonian has extensive consulting and research experience with financial issues involving securities pricing, business valuation, risk management, capital markets, and corporate finance. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Web photo december 2015 new5
Senior Associate
+1.202.955.5050
Mr. Dave focuses on cases that involve complex economic and financial issues. He has worked with clients and experts extensively on securities and valuation matters related to capital markets and financial institutions. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Defonseka 041
Senior Associate
+1.617.864.7900
Jehan deFonseka specializes in leading teams in complex business litigation. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Hutchings 063 pp
Senior Associate
+1.416.360.4849
Mr. David Hutchings specializes in the economic analysis of complex business transactions. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Mcknight david 0034
Senior Associate
+1.212.789.3650
Mr. McKnight has over 14 years of experience in economic consulting in litigation and advisory engagements pertaining to securities and finance litigation, product liability, bankruptcy, and commercial disputes. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Nunez web
Senior Associate
+1.202.955.5050
Dr. Nunez has corporate and consulting experience in finance, valuation, and trading. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Other Outside Experts
Outside Expert
Peter Easton is an expert in corporate valuation and financial statement analysis. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Outside Expert
Michael Klausner is an expert in the areas of corporate law, corporate governance, business transactions, and financial regulation. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Outside Expert
Gordon Klein, an expert in accounting, finance, and valuation, is a Lecturer in Accounting and Entrepreneurship at UCLA’s Anderson School of Management. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Outside Expert
John J. McConnell is the Burton D. Morgan Distinguished Chair of Private Enterprise (in Finance) at the Krannert Graduate School of Management at Purdue University. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Outside Expert
Maureen O’Hara is an expert on issues related to market microstructure. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Outside Expert
Paul Pfleiderer, the C.O.G. Miller Distinguished Professor of Finance at Standford University’s Graduate School of Business, is an expert in market microstructure, asset allocation, corporate governance, and the regulation of financial institutions. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Outside Expert
Professor Strebulaev is an expert in the areas of corporate finance, financial decision-making, venture capital, and financing innovation. More icon f02782c24cccaf6d90e1da53920c42f20e5a8955f54ac2ca5727ec7dc89987b4
Book
Financial Statement Analysis and Valuation
2018
Peter Easton, Mary Lea McAnally, Greg Sommers, and Xiao-Jun Zhang
Published by Cambridge Business Publishers LLC, Chicago. First Edition, 2008, Second Edition, 2010, Third Edition, 2013, Fourth Edition, 2015, Fifth Edition, 2018.
Report
Target Date Funds: Economic, Regulatory, and Legal Trends
September 2017
Published by The Brattle Group, Inc.
Article
July 17, 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.

Article
A 10% leverage ration does not justify waiving the Volcker rule
June 23, 2017
Published in Risk.net
Article
Securities Class Actions: Trading Models to Estimate Individual Investor Trading Activity and Aggregate Damages
May 2017
Published by The Brattle Group, Inc.
Article
The Bid-Ask Spread in the Danish Stock Market: Evidence from the 1990s
August 25, 2016
Published in the International Journal of Economics and Finance

The paper investigates the cost components of the bid-ask spread and the changes in the spread around earnings announcements on the small Danish stock market in the 1990s.

Article
May 27, 2016
Torben Voetmann, Jan Jindra, and Ralph A. Walking
Published in the Quarterly Journal of Finance
Article
February 16, 2016
Pavitra Kumar
Published in Practice Points, a publication of the ABA’s Securities Litigation Committee
Article
December 22, 2015
Published in Law360
Article
Correct Application of Event Studies in Securities Litigation
December 17, 2015
Pavitra Kumar and Torben Voetmann
Published in Event Study Tools
Article
November 12, 2015
Published in Practice Points, a publication of the ABA’s Securities Litigation Committee
Presentation
High-Frequency Trading in Litigation
March 26, 2015
Paul Hinton, Pavitra Kumar, and Lauren J. Schreur
Presented to The Knowledge Group
Article
Equity Market Microstructure and the Challenges of Regulating HFT
January 16, 2015
Published in Financier Worldwide
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
Computerized and High-Frequency Trading
May 2014
Published in The Financial Review, Vol. 49, No. 2
Report
Recent Guidance from the Delaware Court of Chancery - Summer 2013
August 2013
Published by The Brattle Group, Inc.
Report
Banking Entity Trading Under the Volcker Rule
2011
Published on Advisor Perspectives
Article
What Makes Securities Class Actions with Accounting Allegations Different?
2011
Elaine Harwood , Adoria Lim, and Laura Simmons
Published by the American Bar Association