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White Collar Investigations & Litigation

Brattle economic experts assist legal teams in financial services investigations that pose the risk of criminal prosecution.

Well before considering the need for experts to analyze financial market conduct, fraud claims, and damages, Brattle economists assist legal teams in investigations that are document, financial, and accounting data-intensive to develop the facts and assess the weight of evidence of potential misconduct.

We provide clear, detailed analyses to executives, corporate boards, special committees, investigators, and litigators that retain us to help answer key questions posed in investigations. Brattle provides consulting expertise from start to finish in investigations, as well as economic expert testimony in enforcement proceedings and litigation if cases proceed beyond the investigation stage.

Brattle experts provide testimony and economic analysis on a wide range of issues including:

  • Analysis of trading and hedging activity
  • Forensic analysis
  • Big data analysis and document analytics
  • Fiduciary duties, custom and practice
  • Regulatory compliance with conduct and disclosure rules
  • Economic damages and causation

Areas of Expertise

Engagements
REPRESENTATIVE ENGAGEMENTS

Below is a list of representative engagements for our White Collar Investigations & Litigation practice.

U.S. v. Naseem insider trading
A Brattle principal worked with the testifying expert in a high-profile case involving a former Credit Suisse banker accused of insider trading and conspiracy to commit securities fraud. The testimony dealt with complex issues regarding the (lack of) materiality, and the importance of accurately accounting for the information mix available to investors in capital markets from all potential sources at a particular point in time. We analyzed case-specific facts, the information mix in the market, the timing and relevance of detailed accounting information and stock price data to explain how the nature and quality of publicly-available information influenced both investment decisions and the traded value of the securities.
Money laundering
The Brattle Group was retained by the Criminal Division of the U.S. Department of Justice to support an investigation revolving around a $6 billion digital currency money laundering scheme. Brattle’s team assisted the DOJ in identifying evidence indicative of money laundering activities within the massive haystack of structured and unstructured data at hand. By assembling, standardizing and integrating data from different sources and leveraging sophisticated data analytics, Brattle’s team was able to uncover anomalies and patterns that were indicative of illicit activity. The investigation is believed to be the largest international money laundering prosecution in history.
False Claims Act: U.S. v. Countrywide / BofA
In landmark litigation against a major U.S. financial institution under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), Brattle experts helped to identify and recruit multiple experts and advise counsel on case-specific facts and considerations from inception through trial. We coordinated rigorous review of millions of documents produced and used in discovery, as well as analysis of loan-level data to determine the information known about the quality of the loans in question, management’s actions, the causes of loan defaults, and the extent of resulting damages. We assisted counsel in real-time before and during trial, which ended in a jury verdict favorable for the client on liability and a $1.3 billion damages award.
Experts
Publications
Article
The Johnson Conviction and Fallout for Forex Market
December 08, 2017
Andrew Newman, George S. Oldfield, and Paul Hinton
Published on Law360

Brattle Principals Paul Hinton and George Oldfield have co-authored an article on Law360 discussing the use of criminal prosecution to police trading practices in institutional financial markets.

Article
D.C. Circuit Clarifies that SEC Need Not Show Market Impact in Manipulation Cases
December 09, 2015
Published in the ABA's Securities Litigation Journal
Article
Market Manipulation Push is Widening the Compliance Gap
January 23, 2015
Published in Risk.net
Article
Equity Market Microstructure and the Challenges of Regulating HFT
January 16, 2015
Published in Financier Worldwide
Presentation
The Chasm between Following Market Rules and Fraud
December 04, 2014
Presented to the Stanford Program on Energy and Sustainable Development
Presentation
Uneconomic Trading as Transactional Fraud: EU Compliance Lessons From the US
April 23, 2014
Presented to AIGET
Presentation
A Case Study of an Alleged Market Manipulation: Deutsche Bank
April 03, 2013
Presented to the Energy Bar Association
News & Knowledge
May 15, 2019
Brattle to Sponsor the New York City Bar White Collar Crime Institute

The Brattle Group is sponsoring the upcoming New York City Bar’s 8th Annual White Collar Crime Institute, taking place May 15, 2019, in New York.

December 08, 2017
Brattle Economists Author Law360 Article on Forex Market Fallout Following the Johnson Conviction

Brattle Principals Paul Hinton and George Oldfield have co-authored an article on Law360 discussing the use of criminal prosecution to police trading practices in institutional financial markets.

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.

December 09, 2015
Brattle Economists Author Article on Proof of Intent in the SEC

Brattle principals Shaun Ledgerwood and Paul Hinton recently authored the article “D.C. Circuit Clarifies that SEC Need Not Show Market Impact in Manipulation Cases” for the American Bar Association’s Securities Litigation Committee.

January 01, 2015
Article Co-Authored by Paul Hinton and Michael Cragg on Equity Market Microstructure and High Frequency Trading Published in Financier Worldwide

Brattle principals Paul Hinton and Michael Cragg recently co-authored an article for the January 2015 issue of Financier Worldwide that discusses how the technological evolution of the U.S. equity market’s microstructure and competitive forces may have combined to produce this paradox, the implications for market performance, and the dilemma this poses for regulators.