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Commercial Damages

The Brattle Group works with clients on commercial damages issues arising from a wide variety of actions including antitrust, patent infringement, breach of contract, fraudulent disclosure, toxic tort, and product liability.

We present economic analysis and information clearly, and defend principled economic and finance arguments while exposing the flaws in opposing opinions. We have provided expert testimony in federal and state courts, in administrative proceedings, and before U.S. and international arbitrators and mediators.

In addition to serving as expert witnesses, we support leading academics with whom we work. Our academic principals include Daniel McFadden, Professor of Economics at the University of California at Berkeley and recipient of the 2000 Nobel Prize in Economics in recognition for his pioneering work in econometrics, and Stewart Myers, Professor of Finance at MIT’s Sloan School of Management and a co-author of the world’s best-selling graduate textbook on corporate finance.

Our Academic Advisors also form an extensive network of distinguished academics in economics, finance, and accounting. They bring to our client engagements exceptional credentials and industry expertise in commercial damages matters.

The Brattle Group’s industry experience in this area includes: Agricultural Products, Airlines, Banking, Consumer Products, Credit Cards, Computer Hardware and Software, Electricity, Financial Institutions, Industrial Products, Insurance, Media and Broadcasting, Medical Devices, Metals and Mining, Natural Gas and Petroleum, Pharmaceuticals, Railroads, Semiconductors, Shipping, and Telecommunications.

Our Focus

  • Quantifying damages using techniques such as creating and evaluating sophisticated financial models, applying comparables and option valuation approaches, and conducting econometric and statistical analyses such as event studies
  • Analyzing alternative damages theories, such as reliance, restitution, lost profits or expectancy, and out-of-pocket costs
  • Identifying and quantifying mitigation opportunities
  • Developing and critiquing “but for” assumptions and projections
  • Performing industry analyses, including evaluating market size, prices, seasonality, and substitutes under alternative assumptions
  • Estimating the cost of capital
  • Conducting forensic accounting investigations

Brattle consultants Michael Cragg and Lisa Cameron involved in favorable settlement for City of Chicago in dispute over O'Hare construction program.


Below is a list of representative engagements for our Commercial Damages practice.

Mass tort damages

In a major class-action lawsuit against the manufacturers of silicone breast implants, The Brattle Group conducted statistical and decision analytic modeling to value liability and damages claims. Our analysis was based on the worldwide exposed population, epidemiological studies on disease manifestation, historical claims rates, and current awards levels.

Securities violations
In a securities class action litigation against a national managed care provider, The Brattle Group helped to develop a theory related to economic loss causation, modeled various damage scenarios, and provided a critique of the defendant’s expert reports. Our work assisted counsel for the class in preparing for settlement negotiations, which resulted in one of the largest settlements reached in a securities class action since the passage of the Private Securities Litigation Reform Act of 1995.
Breach of fiduciary duty
On behalf of an investment management company whose minority shareholding in a large global financial institution had been forcibly repurchased, we prepared expert testimony on valuation principles that should be used to price the shares. The Brattle Group’s expert critiqued the valuation reports prepared for the company’s board in connection with the repurchase. An arbitration panel ruled that the repurchase price undervalued privately held shares and ordered the institution to make additional payments equal to about 50 percent of the original repurchase price.
Antitrust claims
Members of The Brattle Group calculated economic damages to a cellular telephone reseller resulting from price discrimination in the wholesale bulk minutes and service industry. We developed a detailed model of retail price competition to estimate the reseller's lost profits due to both its higher costs and lost sales. We also calculated the market value of the reseller's lost subscribers.
Patents and trademarks
In a major patent infringement lawsuit in the consumer products industry, we conducted the damages study for the plaintiff that included developing econometric models to forecast product sales in eight major world markets, analyzing the effects of incremental changes in sales volumes on company profits, reviewing historical pricing strategies, and calculating economic damages for a wide range of “but for” pricing and product introduction strategies.
Environmental damages
The Brattle Group has provided expert testimony in several property valuation damage cases arising out of proximity to a Superfund site or other potential contamination sources. For example, we testified on behalf of a defendant in a case in Northern California in which a class of homeowners alleged that groundwater contamination had substantially diminished property values. The jury awarded no damages.
Breach of contract
The Brattle Group prepared and submitted expert testimony in a contract termination dispute involving direct-to-home satellite service with damages claims in excess of $100 million. The case involved estimating damages from lost profits resulting from contract termination and alleged interference with certain business expectancies. Our analysis provided detailed modeling of actual and “but for” business conditions and assessed the proper scope of damages in the context of efficient contract termination and pre-termination behavior by the contracting parties.
Tortious interference and failed business transactions
On behalf of a large, publicly held company in the energy sector involved in a dispute associated with an aborted merger, members of The Brattle Group developed damages estimates, including assessments of forensic accounting and financial contracting issues. Our analyses examined the change in market value of the parties through modeling trading commodities and evaluated the potential impact of announcements on stock prices at various points in time using event study analysis.
Takings and government contract claims
As a result of a U.S. Supreme Court ruling that certain provisions of the Financial Institutions Reform and Recovery Act (FIRREA) constituted a breach of contract by the U.S. government, over one hundred breach of contract suits were filed in the U.S. Court of Claims. The Brattle Group estimated damages and critiqued opposing approaches on behalf of several of the “Winstar” plaintiffs. We considered alternative damage theories, developed complex financial models, performed rigorous analyses of thrift financial data, and explained the role of securitization in the thrift industry.
International investor disputes
The Brattle Group provided expert advice to counsel in an international arbitration involving the breach of an engineering firm’s contract with the sovereign to build and operate a large engineering project in Latin America. Our work focused on valuation of the contract in light of the contemporaneous cash flow forecasts, allocation of risks in the contract, events leading to termination, analysis of project and sovereign risk, and the use of appropriate discount and interest rates.
Principal Emeritus
Academic Advisor & Other Outside Experts
Shannon W. Anderson
Academic Advisor
University of California, Davis, Graduate School of Management
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John R. Bowblis
Academic Advisor
Miami University (Ohio)
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Graham Davis
Academic Advisor
Colorado School of Mines
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Joshua Gans
Academic Advisor
Rotman School of Management at the University of Toronto
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Robert E. Hall
Academic Advisor
Stanford University
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David R. Kamerschen
Academic Advisor
University of Georgia
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Senior Associates
News & Knowledge
February 13, 2020
Who's Who Legal Recognizes Florin Dorobantu and Graham Davis as Mining Industry Experts

Who’s Who Legal has recognized Principal Florin Dorobantu and Brattle Academic Advisor Graham Davis as leading experts in the mining field for 2020.

December 02, 2019
Brattle Client Receives $180 Million Award in Lawsuit Against Iran

A Brattle team provided economic analysis and damages calculations on behalf of The Washington Post reporter Jason Rezaian and his family in their successful lawsuit against the Islamic Republic of Iran and the Islamic Revolutionary Guard Corps.

November 19, 2019
Florin Dorobantu to Speak on New Valuation Methods at Damages in International Arbitration Conference

Brattle Principal Florin Dorobantu will speak on new valuation methods at the 8th Annual Damages in International Arbitration Conference: Traditional vs. Non-Traditional Approaches, Emerging Trends, Methods, and Techniques, which will be held November 19 at Baker McKenzie’s New York office.

September 23, 2019
Alexis Maniatis to Speak at ICCA-ASIL Damages Task Force Event

Brattle President & Principal M. Alexis Maniatis will speak at the International Council for Commercial Arbitration (ICCA) and American Society of International Law (ASIL) Task Force on Damages Breakfast, which will be held on September 23 in Seoul.

August 06, 2019
Who's Who Legal Recognizes Brattle Economists as Leading Consulting Experts

Who’s Who Legal has recognized 13 Brattle economists as leading economic consulting experts in the global guides for Competition Economists, Construction – Quantum & Delay, Data and E-Discovery, and Financial Advisory and Valuation – Quantum of Damages.

March 22, 2019
Testimony and Analysis by Brattle Economists Secures Favorable Outcome for the Government of Canada in NAFTA Tribunal Decision on Bilcon Damages Claim

Expert testimony and analysis by Brattle Principal Darrell Chodorow, working with Senior Associate Sujay Dave and Research Analyst Kaitlyn Brady, was relied upon to set damages in a recently published NAFTA award by a Permanent Court of Arbitration Tribunal.

March 21, 2019
Dan Harris to Present at Conference on Investor-State Dispute Settlement System

Brattle Principal Dan Harris will speak at a conference on The Investor-State Dispute Settlement System, put on by Roma Tre and the Scuola Nazionale dell’Amministrazione, in collaboration with the Italian Arbitration Association, to be held March 21 in Rome, Italy.

March 21, 2019
David McKnight to Participate in The Knowledge Group Webinar on Calculating Damages in ERISA Litigation

Brattle Senior Associate David McKnight will participate in The Knowledge Group’s webinar, “Calculating Damages in ERISA Litigation: Practical Guide,” taking place March 21 from 12:00-2:00 pm (ET).

November 15, 2018
Carlos Lapuerta to Present at Damages in International Arbitration Conference

Brattle Principal Carlos Lapuerta will speak at Juris Conferences’ Seventh Annual Damages in International Arbitration Conference, “Looking Back, Looking Forward: Evolution and Trends,” to be held November 15 in London, England.

January 19, 2018
The Brattle Group Introduces Its Newest Experts

The Brattle Group is pleased to introduce the seven exceptional experts who became Brattle principals over the past year.

September 27, 2017
Frank Graves to Present at Edison Electric Institute’s Strategic Issues Roundtable

Brattle Principal Frank Graves will present at Edison Electric Institute’s (EEI) Strategic Issues Roundtable, taking place September 27-29, 2017 in New Orleans, LA.

February 09, 2017
Andrew Abere to Present During ABA Webinar on Data and Econometrics in Consumer Protection Matters

Brattle Principal Andrew Abere will present during the upcoming American Bar Association (ABA) webinar, “Effectively Using Data and Econometrics in Consumer Protection Matters,” taking place on February 9, 2017 from 12 pm – 1 pm EST.

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.

May 13, 2015
Bill Zarakas to Present at EUCI Annual Conference on Utility Integrated Resource Planning

Brattle principal Bill Zarakas has been selected to present at EUCI’s 15th Annual Utility Integrating Resource Planning (IRP) conference, taking place May 14-15, 2015 in Atlanta, GA.

September 18, 2014
Mike Cragg and Evan Cohen to Discuss the Use of Testifying Experts at the ABA Tax Section Fall Meeting

Brattle principals Mike Cragg and Evan Cohen have been selected to serve as panelists at the American Bar Association Tax Section’s fall meeting, where they will present their spotlight discussion “Experts in the Trenches: Risk, Fair Rewards, Economic Substance, and Shams.”

June 24, 2014
Rand Ghayad to Present to the Prime Minister and Employment Policy Council of France on Long-Term Unemployment

Brattle associate Rand Ghayad will give a presentation to the General Secretariat of the Employment Policy Council of France discussing his work on non-employment discrimination.

June 18, 2014
Policy Brief by Brattle Economists Provides Insights into EPA's Proposed Carbon Emission Standards for Existing Fossil Units

Brattle economists issued a policy brief that examines the primary features and implications of the Environmental Protection Agency’s (EPA) proposed CO2 emissions standards for existing fossil units under the Clean Air Act (CAA) Section 111(d).