Dr. Ledgerwood is an expert in the analysis of manipulative, fraudulent, or anti-competitive behavior in energy, commodities, financial, and securities markets.

He specializes in performing analyses relevant to the proof (or disproof) of fraudulent or manipulative behavior related to government investigations, enforcement actions, and attendant litigation; analyses of competitive interactions within and across physical and financial markets; liability and damage analyses pursuant to matters involving contracts; and issues relevant to regulation, ratemaking, and taxation. His 30 years of experience as an economist and attorney provides clients with unique insight into matters involving litigation, especially in harmonizing and aligning economic analyses to address the legal issues presented.

As a former economist and attorney for the Office of Enforcement for the Federal Energy Regulatory Commission (FERC), he evaluated manipulative behavior within and across wholesale electricity and natural gas markets and assisted the agency’s enforcement actions against Energy Transfer Partners, L.P., Amaranth Advisors, LLC, Constellation Energy Commodities Group, and several other investigations. He led the agency’s pilot project for energy market surveillance of wholesale natural gas and electricity markets, a prelude to the creation of the Division of Analytics and Surveillance. Based on this experience, he developed an analytic framework for detecting and analyzing manipulative behavior, which has been published extensively in academic, legal, and trade journals and is used as the foundation for compliance, surveillance, and to support or defend against legal actions brought under fraud-based or “artificial” price anti-manipulation rules or the antitrust laws.

He has testified as an expert witness in federal court and before state utility commissions, and has filed expert reports in enforcement actions, administrative proceedings, and litigation before the FERC, state commissions, US Court of Federal Claims, US Federal District Court, and the Queen’s Bench in Alberta, Canada. As an Adjunct Professor, he has taught undergraduate, graduate, and legal courses in microeconomic theory, law and economics, regulation, antitrust, and contractual/tortious remedies at the University of Oklahoma Department of Economics, College of Law, and Price College of Business. He also served as Affiliated Faculty at the Georgetown University Public Policy Institute.

In his current duties for Brattle, Dr. Ledgerwood serves as the Office Director of the Washington, DC Office, co-chair of the Regulatory Investigations and Enforcement Practice, co-chair of the Associate Development Committee, and as a member of the firm’s Management Committee.


University of Oklahoma, PhD, MA, and BA in Economics
University of Texas (Austin), JD

Personal Interests

Shaun is a native of Norman, Oklahoma, where he attended and taught law and economics classes at the University of Oklahoma from 1983–1986 and 1989–2008 and where he still has season football tickets for his beloved Sooners.

From 1997–2008, he worked as a consulting economist for C.H. Guernsey & Company in Oklahoma City. While there, he learned the “physical side” of the electric industry from his many engineer colleagues, as well as the regulatory processes associated with ratemaking and the rise of competitive electricity markets. Shaun’s teaching and consulting interests eventually coalesced into a practice focused on regulatory economics, competition-related analyses, and the evaluation of liability and damages claims for cases in contract and tort.

In 2008, he and his wife moved to downtown Washington, DC to pursue a career with the Federal Energy Regulatory Commission’s Office of Enforcement. While there, he worked on many of the major market manipulation enforcement cases brought by the agency, coming to know several of his colleagues at Brattle as a result. Shaun joined Brattle in January 2011 to build a practice area focused on market manipulation in securities and commodities markets.