In Starr v. US, a Brattle principal developed expert testimony on the conduct of the Federal Reserve in acting as lender of last resort to systemically important financial institutions as the financial crisis developed in 2008. This analysis examined the historical uses of Section 13(3) of the Federal Reserve Act and the differences in treatment of institutions that were provided assistance in response to the crisis. The various actions of the Federal Reserve were explained in the context of the structure of the U.S. financial markets, the role of the shadow banking system, and how a combination of factors precipitated a run in the repo system as market liquidity collapsed.