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Mr. Benjamin A. Sacks is a Principal in the Washington, DC office of The Brattle Group.

Mr. Sacks has over twenty years of experience assisting corporations, investors, U.S. government agencies, and foreign governments, to develop and present economic and financial testimony in complex litigations and arbitrations. He serves as a testifying expert in both international arbitrations and U.S court matters. Mr. Sacks has particular expertise in valuation and corporate governance. He recently served as the testifying expert for Shareholders in In Re Facebook Inc., Class C Reclassification Litigation which sought to enjoin Facebook from issuing non-voting shares, and was the consulting expert for Russia in the Yukos ECT arbitration, where the award was set aside by the Dutch Courts. Mr. Sacks teaches a Continuing Legal Education course on damages featuring several valuation case studies, has taught classes to attorneys on valuation, and served as a panelist on damages at the recent Juris International Arbitration conference in Washington D.C.

Mr. Sacks received his B.A. in Mathematical Economics from Columbia University and his M.A. in Economics from the University of Chicago.

Representative Engagements
Shareholder victory in Facebook proposed reclassification

Submitted expert reports and testified at deposition on the harm to Facebook Class A shareholders that the proposed issuance of non-voting stock would cause. Shareholders sought to enjoin the issuance of such shares. Facebook cancelled its plans to issue the non-voting stock five days before the trial in Delaware Chancery Court was set to begin.

International arbitration under UNCITRAL Rules
Supported expert testimony on quantum in international arbitration on behalf of the Russian Federation in arbitrations under UNCITRAL Rules. Former shareholders of the Yukos Oil Company brought claims alleging unfair treatment and expropriation in violation of the Energy Charter Treaty. The arbitrations are thought to be the largest in the world in amount in dispute, which exceeds $100 billion.
Expert testimony and report in derivative suit for AIG
Submitted expert reports and testified at deposition in a derivative suit on behalf of American International Group, Inc. shareholders against the company's former CEO, Maurice Greenberg, and other former AIG executives. The action was concluded for a settlement of $115 million - the largest such settlement in the history of the Delaware Court of Chancery.
Expert statement in securities manipulation case
Submitted an expert statement in support of a motion to dismiss in litigation alleging a “pump and dump” securities manipulation scheme. The case settled before trial for 1% of claimed damages.
Assessed validity of an investment bank’s valuation
Supported expert testimony on valuation in international arbitration at the LCIA on behalf of a large investment bank. A former bank client refused to pay under terms of a contract with the bank to value and sell the clients assets. The former bank client challenged the validity of the bank’s valuation of the client’s assets. The Tribunal ruled in favor of the bank, awarding both damages and fees.
Testimony

Globalstar Fee Hearing (Mudrick Capital Management, L.P. and Warlander Asset Management, L.P., on behalf of themselves and all other similarly situated stockholders of Globalstar, Inc. and derivatively on behalf of Nominal Defendant Globalstar, Inc v. James Monroe, et. al., Delaware Court of Chancery, C.A. No. 2018-0699 TMR.) Testifying expert on benefit of Settlement relating to corporate governance changes, and other matters.

Deposition and Report March 2019.

Report on the valuation of a Russian Trucking firm (LCIA).

January 2018

Expert report on valuation of Canadian Telecommunications firm (ICSID).

February 2018 and January 2019. Testimony April 2019.

Report on contractual damages relating to a buy/sell agreement for a controlling interest in a Korean Bank (BIT, International Chamber of Commerce).

Report 2018.

Reports on valuation of a telecommunications firm in a developing country for an international arbitration. Bilateral Investment Treaty heard under UNICTRAL rules, Permanent Court of Arbitration.

Reports 2017 and 2018. Testimony 2018.

In Re Starz Stockholder Litigation, Delaware Court of Chancery Consolidated C.A. No. 12584-VCG. Testifying expert on damages from alleged breach of fiduciary duty in the context of a merger. 

Expert Reports and Deposition 2018.

NexBank, SSB v. Jeffrey Soffer and Jacquelyn Soffer, Supreme Court of the State of New York, County of New York, Index No. 652072 / 2013. Testifying expert on value of real estate encumbered by cloud on title.

Report January 2018.

In Re Facebook, Inc. Class C Reclassification Litigation, Delaware Court of Chancery, Consolidated C.A. No 12286-VCL.

Reports and Deposition 2017. Reports and Deposition for Fee Hearing, 2018.

Application of the National Railroad Passenger Corporation under 49 u.s.c. § 24308(a) – Canadian National Railway Company, Before the Surface Transportation Board, Finance Docket No. 35743. Expert testimony on a proposed penalty system for sub-standard service to Amtrak by host railroad. 

Verified Statement of Benjamin Sacks filed September 4, 2015. Rebuttal filed September 2017.
SEC Administrative Proceeding in the Matter of BioElectronics Corp, et. al., File No. 3-17104
Testifying expert on an event study related to a corporate disclosure. Reports and Testimony, September 2016

Confidential Arbitration. Valuation of privately held telecommunications firm.

Expert report, October 2015.

National Credit Union Administration Board, as Liquidating Agent of Central Federal Credit Union v. RBS Securities, et. al, Case No. 11-cv-2340-JWL-JPO and National Credit Union Administration Board, as Liquidating Agent of Western Corporate Federal Credit Union v. RBS Securities CV 11-05887 GW (JEMx).

Declaration, October 2015.

State of West Virginia ex rel., Patrick Morrisey, Attorney General v. Wells Fargo Insurance Services of West Virginia and Wells Fargo Insurance Services USA, Inc, Circuit Court of Hancock County, WV, Civil Action No. 05-C-115 W. Expert Affidavit and disclosure on opinions regarding existence and size of alleged overcharge for insurance policies, and related damages.

Deposition January 21, 2016. Expert reports September 2015. Deposition November 2015.

United States of America, ex rel., Michael Saunders, v. Unisys, Inc., United States District Court for the Eastern District of Virginia, Alexandria Division, Civil Action No 1:12 CV 379 GBL/TCB. 

Expert report, July 2014. Deposition, September 2014.

Curbow Family LLC v. Morgan Stanley Investment Advisors Inc., Index No. 651059/2010 (Sup. Ct. NY) and Rotz v. Van Kampen Asset Management, Index No. 651060/2010 (Sup. Ct. NY).

Expert report in support of Plaintiff's opposition to a motion for summary judgment, September 2012

Howard M. Ehrenberg, Chapter 7 Trustee for the Estate of Ruderman Capital Partners, LLC v. Kevin L. Washington, James King and Knight Capital Group, et al., Superior Court of the State of California for the County of Orange, Case No. 30-2011 00450602. 

Declaration filed in support of defendant's motion for summary judgment or adjudication, July 2012
In re Delphi Financial Group Shareholder Litigation, Delaware Court of Chancery, Consolidated C.A. No. 7144-VCG
Expert report and deposition, February 2012
Wolfson-Verrichia Group, et al., v. Metro Commercial Real Estate, Inc., et al., United States District Court for the Eastern District of Pennsylvania, No. 08-CV-4997
Expert report October 2011, deposition November 2011
FIFRA data compensation matter
Testified at arbitration November 2010, Summary of Expert Opinions disclosed October 2010
Navy Federal Credit Union v. Fiserv Solutions and XL Specialty Insurance Company, Index No. 09-601217-2009: Affidavit Of Benjamin Sacks in Support of Plaintiff Navy Federal Credit Union’s Motion for Partial Summary Judgment
Affidavit filed October 2010, Expert Witness Disclosure filed pursuant to New York State CPLR § 3101(d) filed September 2010
In re ACS Shareholder Litigation, Delaware Court of Chancery, Consolidated C.A. No. 4940-VCP
Deposition April 2010, Expert reports March and April 2010
FIFRA data compensation arbitration
Summary of Expert Opinions disclosed in August 2009
Eastbanc, Inc. and Anthony M. Lanier v. Georgetown Park Associates II Limited Partnership, et al., Superior Court of the District of Columbia, 2006 CA 002291 B
Supplemental Expert Statement and Rule 26(b)(4) Statement filed October 2010, deposition December 2008, Rule 26(b)(4) Statement filed October 2008
Teachers Retirement System of Louisiana v. Maurice R. Greenberg, Edward E. Matthews, Howard I. Smith, Thomas R. Tizzio, and C. V. Starr & Co. Inc, Delaware Court of Chancery, C.A. No 20106-VCS
Deposition June 2008, Expert reports January and May 2008

PW 5672, Harrison County fee dispute with FEMA regarding reasonable costs.

July 2007.

Breach of contract matter (AAA arbitration).

Testimony, October 2006.
Publications
Presentation
Lessons for Attorneys from Damages War-Stories
February 28, 2012
CLE presentation to New York County Lawyers Association and various law firms, New York, NY
Presentation
Presentation on corporate governance and self-dealing to the Securities and Exchange Commission
June 17, 2010
News & Events
October 24, 2018
Brattle Contributes to Agreement on Attorney's Fees in Facebook's Abandoned Share Reclassification Plan

On October 24, 2018, Facebook agreed to pay $68.7 million in attorney’s fees in connection to a shareholder lawsuit over the proposed reclassification of the company’s common stock that was canceled by Facebook’s board of directors last year.

September 07, 2018
Brattle Contributes to Shareholder Settlement in Starz Merger with Lionsgate

Brattle Expert Benjamin Sacks opined in reports and testified at deposition on behalf of the Series A stockholders regarding the value of Starz and Mr. Malone’s financial incentives.

March 06, 2018
Benjamin Sacks to Present at Juris Conferences' 12th Annual Investment Treaty Arbitration Conference

Brattle Principal Benjamin Sacks will present at Juris Conferences’ 12th Annual Investment Treaty Arbitration Conference, taking place March 6, 2018 in Washington, DC.

September 25, 2017
Brattle Contributes to Shareholder Victory in Facebook Proposed Reclassification

On September 21, 2017 Facebook’s board of directors voted to abandon the pending reclassification of the company’s common stock.

May 12, 2016
Benjamin Sacks to Present at the Tenth Annual Investment Treaty Arbitration Conference

Brattle Principal Benjamin Sacks will present at the Tenth Annual Investment Treaty Arbitration Conference, taking place May 12-13, 2016, in Washington, D.C.

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.

Personal Interests

Ben grew up in Philadelphia and Savannah, Georgia and now lives in DC with his wife, two kids and two dogs. He enjoys spending time with family, playing squash and tennis, grilling, music, poker and snowboarding.