Consulting

Summary: 10 years of litigation consulting experience within the antitrust, securities, financial markets, and risk management practices

Statistically disentangling anticompetitive behavior from economics of market in manipulation, monopolizations, and merger investigations in numerous financial markets including US Treasury futures, Indian foreign exchange derivatives, Auction rate securities, continuous commodity index on ICE, oil, order management systems

Built econometrics models, including machine learning models, to estimate damages from anticompetitive behavior in several markets including PMMA, accounting services, vitamins, cement, consumer lending, and natural gas

Built and managed large transaction level data bases in collaboration with consultants, econometricians, and data scientists

Collaborated on case strategy with attorneys, industry experts, and external academic consultants

Managed large team of researchers, analysts, consultants, and PhD economists across multiple office locations

Wrote white papers, press articles, and expert reports

Representative consulting engagements listed below

Real Estate, Mortgage Backed Securities, Derivatives and Risk

Prepared a data base for a major investment bank's Indian real estate loan book to analyze the severity of the NPA problem following the new bankruptcy laws (IBC, 2016)
Economic analysis of claims by a hedge fund that two other hedge funds had acted in concert to manipulate a commodities index trading on the International Continental Exchange
In a CFTC investigation unpacked trading strategy of a major company involved in storage and distribution of oil to show that trades were a hedge for physicals and that the bankruptcy of this firm might have been the result of front running of this company’s trading book
In a dispute involving allegation by CFTC that a hedge fund had “squeezed” shorts in the futures market for US Treasuries, conducted analysis to show the impact of the alleged short squeeze on market prices, including representations before the CFTC
In a dispute involving a commercial real estate firm that had purchased retail properties during first half of 2008 financed by a bridge loan that was to be rolled-into commercial mortgage backed securities (CMBS) in the near future, conducted empirical analysis to show that despite the widening of spreads in the CMBS market, expectations about macroeconomic conditions, commercial real estate fundamentals and the state of the CMBS markets at the time the bridge loan had to be rolled were optimistic
In a consulting assignment for a vertically integrated global agribusiness seeking to hedge the price risk following from the time lag between procurement of input and production of output, performed modeling of hedging strategies
In a dispute involving class action by investors against fund managers alleging that they exposed plaintiffs to excessive risk by investing in sub-prime securities, conducted empirical analysis for deciphering the risk models used by defendant
In a dispute involving a private investor alleging that she suffered losses from a investment bank’s wrongful reporting about its financial health despite excessive financing exposure to the overnight repo market, analyzed the investment bank’s role in debt management and liquidity provision operations of the Federal Reserve and the US Treasury
Analysis of the Market Value Adjustment methodology used by an Insurance Company for its Group Fixed Annuity Contracts that were offered to State Pension Plans
Economic analysis of Trust Preferred Securities transactions in a Bank Holding Company’s bankruptcy dispute

Antitrust

Economic analysis of claims by a hedge fund that two other hedge funds had acted in concert to manipulate a commodities index trading on the International Continental Exchange.
In a dispute involving allegation by a major commodities exchange that a major stock exchange had practiced ``predatory pricing’’ when it charged its members a zero transaction fee for trading currency futures, conducted empirical analysis towards defining the relevant market.
Analysis of a monopolization via bundling claims in the market for order management systems.
Analyzing competitive effects in an interdealer broker merger case.
As part of a team, prepared white paper to establish monopolization via contracts in a major agricultural market.
Conducted variable selection in a natural gas price fixing case.
Establishing liability and damage in a chemicals price fixing case.
Damages estimation on behalf of class in a price fixing case in the secondary market for automobile lights.

Securities

Analysis of claims by investors that their broker-dealers manipulated the market for the common stock of a specific company via naked short sales which depressed stock price
Analysis of claims by a company that an investment bank as a lead manager of its initial public offering underpriced it to benefit its customers who were allocated the IPO shares in exchange for quid-pro-quo business with the bank

Intellectual Property

Economic analysis of Trust Preferred Securities transactions in a Bank Holding Company’s bankruptcy dispute.
In a dispute involving patent infringement of a software for tracking failed settlements in the mortgage back securities market, conducted empirical analysis towards a damage report for an inter dealer broker who had developed the software.
In a dispute over loss of assets under management of a stable value fund arising on account of the exit of senior executives and product specialists, implemented and critiqued hazard models used by opposing expert

Commercial Damages

Rebut plaintiff report in an international arbitration dispute in which the operator of a containerized cargo terminal alleged that the Government of Peru had wrongfully excluded it from participation in the tender for the other terminal on the same port, and that the structuring of the tender was such that it faced unfair competition from the operator who won the tender for this terminal.
In a dispute involving allegations by a major accounting firm that it suffered reputational harm from a client’s public claims regarding auditing, participated in preparation of a damages report for the accounting firm.
Prepared report for State Attorney General Office disputing studies that showed consumers of a major supermarket chain were being overcharged.
Conducted empirical analysis in a consumer finance project that involved determining whether racial bias was present in consumer lending.

Public Policy

Research to assist policy decisions about changes to the primary dealer system for issuing Government Bonds in Canada
For a consulting assignment co-authored a white paper (with Brad Miller, Leader of Auctions and Competitive Bidding Practice) titled “An Auction Primer in the Context of the Credit Crisis” which outlines issues and potential solutions in designing auctions for troubled assets under the TARP of the Emergency Economic Stabilization Plan of 2008
In a consulting assignment prepared a proposal (and presentation on being selected for the second-round) for the Ministry of Finance of the Government of Israel to undertake a review regarding, the structure and operations of the State of Israel Bonds program. Proposal involved providing auction-related services for sale of US-denominated Israeli Government Bonds to retail investors in the USA

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