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Expert Witness 2017


Speaker(s): Andrew Carron, Blair G. Connelly, Daniel L. Berger, David Spears, Edward H. Rosenthal, Jeffrey M. Katz, CPA/ABV, CFF, CFE, Kenneth I. Schacter, Lassaad Adel Turki, Mary Gail Gearns, Shari A. Brandt
Recorded on: Jun. 13, 2017
PLI Program #: 185921

Andrew Carron is an economic consultant and holds the title of Chairman at NERA Economic Consulting.

Dr. Carron consults in the areas of financial products and markets, investments, and risk management. He has been qualified at arbitration hearings and at trial as an expert in the areas of financial economics, securities markets, industry customs and practices, suitability of investment recommendations, prudence under the ERISA standard, and calculation of damages. He has testified before courts, arbitration panels, and regulatory agencies in the US, Canada, and Guernsey. Dr. Carron was commended in Who's Who Legal Arbitration Expert Witness Guide 2016 for his testifying experience.

Dr. Carron's litigation assignments have been in the areas of class actions, valuation, market practices, investments, and damages. He has also conducted studies of market structure and practices for bond rating agencies, financial institutions, and individual and institutional investors. Additionally, he is the lead author of “Impact of the Credit Crisis on Mortgage-Backed Securities” in The Handbook of Mortgage-Backed Securities (Oxford University Press, 2016).

Dr. Carron served as President of NERA from 2006 to 2012. From 2003 to 2005 he chaired NERA's Securities and Finance Practice. Prior to joining NERA in 1996, Dr. Carron spent more than 12 years in the securities industry. At various times in his securities industry career, he had responsibility for oversight of risk exposure for his firm's bond trading activities, directed fixed income research for global bonds and currencies in London, and managed the mortgage- and asset-backed research department. Before joining the securities industry, Dr. Carron conducted research on financial markets at the Brookings Institution in Washington, DC.

Dr. Carron received his PhD, MPhil, and MA in Economics from Yale University, and his BA in Economics with honors from Harvard University, where his areas of concentration were industrial organization and financial economics.


Daniel L. Berger is a director at Grant & Eisenhofer. Prior to joining the firm, Mr. Berger was a partner at two major plaintiffs’ class action firms in New York, including Bernstein Litowitz Berger & Grossmann (BLBG), where he had litigated complex securities and discrimination class actions for twenty two years.

Mr. Berger’s experience includes trying three 10b-5 securities class actions to jury verdicts, which are among very few such cases ever tried. He also served as principal lead counsel in many of the largest securities litigation cases in history, achieving successful recoveries for classes of investors in cases including In re JPMorgan Chase & Co. Securities Litigation ($150 million);  In re Merck Vytorin/Zetia Securities Litigation ($215 million); In re Cendant Corp. Securities Litigation ($3.3 billion); In re Lucent Technologies, Inc. Securities Litigation ($675 million); In re Bristol-Myers Squibb Securities Litigation ($300 million); In re Daimler Chrysler A.G. Securities Litigation ($300 million); In re Conseco, Inc. Securities Litigation ($120 million); In re Symbol Technologies Securities Litigation ($139 million); and In re OM Group Securities Litigation ($92 million).

Mr. Berger has successfully argued several appeals that made new law favorable to investors, including In re Suprema Specialties, Inc. Securities Litigation, 438 F.3d 256 (3d Cir. 2005); McCall v. Scott, 250 F.3d 997 (6th Cir. 2001) and Fine v. American Solar King Corp., 919 F.2d 290 (5th Cir. 1990.) In addition, Mr. Berger was lead class counsel in many important discrimination class actions, in particular Roberts v. Texaco, Inc., where he represented African-American employees of Texaco and achieved the then largest settlement ($175 million) of a race discrimination class action.

Mr. Berger currently is a member of the faculty of Columbia University School of Law, where he is a Lecturer in Law.  He also serves on the Board of visitors of the Law School. Previously, Mr. Berger was a member of the Board of Managers of Haverford College from 2000-2003.  He also now serves as the Co-Chair of the Board of GO Project, a not-for profit organization that provides academic support for New York City public school students, and also serves as a Member of the Board of Grace Church School in New York.  He also served on the Board of in Motion, Inc., a non-profit organization providing legal services to victims of domestic violence, for six years.

Mr. Berger is a 1976 graduate from Haverford College, and graduated in 1979 from Columbia University School of Law.

 

Education:

  • Columbia University Law School, J.D. (1979)
  • Haverford College, B.A., (1976)

 

Admissions:

New York, U.S. Court of Appeals for the 1st Circuit, U.S. Court of Appeals for the 2nd Circuit, U.S. Court of Appeals for the 3rd Circuit, U.S. Court of Appeals for the 6th Circuit, U.S. Court of Appeals for the 7th Circuit, U.S. Court of Appeals for the 9th Circuit, U.S. District Court for the Southern District of NY, U.S. District Court for the Eastern District of NY


Edward H. Rosenthal chairs the firm’s Intellectual Property and Litigation Groups. He focuses on intellectual property litigation, emphasizing trademark, copyright, right of publicity, advertising, privacy and publishing matters. His clients include businesses and individuals in the media, advertising, sports, and entertainment fields. Mr. Rosenthal is listed in Best Lawyers in America, Chambers USA America’s Leading Lawyers for Business, and The Legal 500, and he has been named a New York-area “Super Lawyer” for Intellectual Property and by Super Lawyers magazine for eight consecutive years. He is also a certified mediator. Mr. Rosenthal was named one of 19 “Topflight IP Attorneys” in the 2013 Client Service All-Stars Report by BTI Consulting Group.

Mr. Rosenthal also has substantial involvement in issues relating to trademark prosecution and enforcement, representing numerous businesses and individuals in protecting and enforcing their intellectual property. He also represents the estates of deceased celebrities, including Humphrey Bogart, and handles licensing work for the estate and other celebrities and companies.

Mr. Rosenthal represented The Authors Guild and a number of other authors’ rights associations and individuals in suits against Google and the HathiTrust arising out of Google’s mass book digitization and orphan works programs. He defended Fredrik Colting, author of 60 Years Later: Coming Through the Rye, and his U.S. distributor, in a lawsuit brought by J.D. Salinger alleging copyright infringement. Mr. Rosenthal also successfully defended J.K. Rowling and Scholastic Inc., the author and publisher of the Harry Potter books, against claims of copyright and trademark infringement.

Mr. Rosenthal has written and lectured extensively on a wide variety of intellectual property topics. He is a regular presenter to the Practicing Law Institute on the Right of Publicity, and has participated in numerous panels on trademark and copyright law. He was co-editor of Entertainment Law Matters , a blog focused on disputes and developments in the film, television, publishing, theatre, music, art, gaming, and fashion industries. Mr. Rosenthal has also been active in the Copyright Society of the U.S.A. and the International Trademark Association. He serves as co-chair of the Committee on Publicity, Privacy and media of the New York State Bar Association’s Entertainment and Sports Law Committee and as a member of the Copyright Committee of the New York City Bar.

Prior to joining Frankfurt Kurnit Klein & Selz, Mr. Rosenthal served as a law clerk to Hon. Abraham D. Sofaer in the Southern District of New York and was associated with the New York law firm of Kramer Levin Naftalis & Frankel. He was Adjunct Professor at Fordham Law School (Legal Writing, 1985-1986; Intellectual Property Drafting, 1996), and is a graduate of the University of Pennsylvania (BA, 1976) and Columbia University (JD, 1980), where he was Notes and Comments editor of The Columbia Law Review. He is admitted to practice in New York.


Kenneth I. Schacter is an experienced trial lawyer who handles a broad range of civil and white collar criminal matters. His practice emphasizes securities litigation; complex criminal, antitrust and civil RICO matters; SEC proceedings; intellectual property litigation; and other business litigation. Ken has trial experience before juries, judges and arbitration panels throughout the United States. He has tried more than 30 cases to verdict or award and has also argued dozens of appeals.

Ken gained valuable experience as an Assistant U.S. Attorney for the Southern District of New York, handling many groundbreaking insider trading cases, including the so-called “Yuppie Five” case and major prosecutions of other corporate insiders. While an Assistant U.S. Attorney, Ken also investigated and prosecuted cases involving financial frauds, tax evasion, official corruption, arms smuggling and terrorism.


Lassaad Adel Turki is a Senior Managing Director at Compass Lexecon based in Washington, DC and New York. Prior to joining Compass Lexecon, Dr. Turki was a Senior Vice President at Cornerstone Research where he was also the Head of the firm’s domestic and international finance practice. During his time at Cornerstone, Dr. Turki has been retained to analyze class certification, merits and damage issues in hundreds of securities fraud suits. He has also performed economic studies on major financial issues to assist defendants being investigated by the Securities and Exchange Commission, the Consumer Fraud Protection Bureau, the Department of Justice, and presented his findings to these  and other regulatory bodies.  He has also been retained to assist with internal investigations in high profile matters involving insider trading, front running and Ponzi scheme allegations. His vast experience also includes takeover litigation and merger challenges including attempts to terminate mergers based on alleged material adverse events.  In addition, Dr. Turki has been retained as an expert in dozens of ERISA cases and testified as a damages expert in some of the most high profile matters that went to trial. Dr. Turki has led teams of consultants and experts working on some of the most complex securities cases in the United States, such as In re AOL Time Warner Inc. Securities Litigation, In re Vivendi Universal S.A. Securities Litigation, In re MBNA Securities Litigation, and Freidus v. ING Groep N.V.

He has provided valuations and testified in R. William Becker and Mary Ann Becker v. Commissioner of Internal Revenue, using a Monte Carlo simulation to estimate the past value of a noncompete agreement. He has also testified in U.S. Horticultural Supply Inc. f/k/a E.C. Geiger, Inc. v. The Scotts Company and Griffin Greenhouse Supplies, Inc. Defendants in actions investigated by the Securities and Exchange Commission (SEC) have retained Dr. Turki to consult on major financial issues, including submission of white papers to the SEC’s Wells Committee recommending investigations.

He has managed cases involving merger challenges and allegations related to delayed or terminated acquisitions, such as Rohm & Haas Co. v. Dow Chemical Co., SLM Corp. (Sallie Mae) v. J.C. Flowers II LP, Kahn v. Tremont et al., IBP, Inc. v. Tyson Foods, Inc. Dr. Turki has been retained as an expert in more than fifty ERISA cases, and testified in the few cases that went all the way to trial including DiFelice v. US Airways, Inc. and Charles Fisher et al. v. ABB Inc. et al. In the putative class action Ann I. Taylor et al. v. KeyCorp et al., he demonstrated that the representative plaintiff benefited from the alleged inflation in KeyCorp stock, defeating class certification.

He has expertise in derivatives, structured finance, and asset securitizations, including mortgage-backed securities and collateralized debt obligations. He has advised a defendant in the civil litigation surrounding the Orange County, California, loss of over $1.5 billion on structured notes.

Dr. Turki was previously on the faculty of Purdue University and Stanford University, where he earned his Ph.D. degree.


Mary Gail Gearns is co-leader of the litigation practice in New York. Her practice includes all aspects of complex commercial litigation, with a focus on securities litigation and enforcement matters. Mary Gail regularly represents clients in investigations by the SEC, FINRA, state attorneys general, and various other regulators, and she has substantial experience conducting internal investigations, including whistleblower investigations.

Many of Mary Gail’s matters involve parallel proceedings by multiple regulators and follow-on civil litigation. Her clients include banks, broker-dealers, investment advisers, hedge funds, and other public and private companies, as well as members of their senior management. Several of her recent matters have concerned alleged disclosure fraud related to the sale and marketing of complex financial products and securities, market manipulation, insider trading, sales practice violations, false claims made to the government, violations of federal and state consumer protection statutes, and RICO violations. During her more than thirty years of practice, Mary Gail has litigated in federal and state courts throughout the country, including through trial and appeal, and she has handled numerous FINRA and other arbitrations through the issuance of the final award.

Mary Gail is a frequent author and lecturer on securities law issues and other topics related to her practice.


Shari A. Brandt is a partner with more than 20 years of experience representing institutions and individuals in high stakes commercial civil litigation, regulatory and white collar criminal proceedings, and internal investigations, often in matters involving financial services and complex financial products. Clients have described her as: having “deep knowledge of the subject matter, sound judgment, [and] great instincts,” “very client service oriented,” “extremely smart, experienced, hardworking and thorough,” and someone who “works incredibly hard to ensure that all bases are covered” (Legal 500 2010-2018).

Ms. Brandt regularly defends matters that proceed simultaneously in regulatory, white collar defense and civil litigation forums. She represents clients in civil litigations at the federal and state level, arbitrations and mediations, as well as defending against investigations by the CFTC, SEC, FINRA, United States Attorney’s Office, Department of Justice, State Attorney’s General offices and other governmental and self-regulatory bodies.

Recent Engagements:

  • Lead attorney for brokerage firm in connection with class action litigation concerning the setting of the U.S. Dollar Isdafix benchmark rate.
  • Defending a brokerage firm in connection with domestic and international regulatory inquiries into the setting of LIBOR and other benchmark rates, and related class action antitrust litigation.
  • Defending group of individuals in regulatory inquiries and civil litigation concerning residential mortgage-backed securities.
  • Defending an insurer in litigation across the country and regulatory inquiries concerning municipal bond offerings and auction rate securities.
  • Conducting an internal investigation for a bank into anonymous allegations of kickbacks and bribery.
  • Defending a brokerage firm in connection with regulatory inquiries into anti-competitive conduct concerning credit default swaps.

Honors & Awards

  • Ranked by Chambers USA as a Recognized Practitioner in Litigation: White Collar Crime & Government Investigations.
  • Selected by Benchmark Litigation as a Top Woman in Litigation and Local Litigation Star.
  • Named to the Global Investigations Review Top 100 Women in Investigations list.
  • Recommended by The Legal 500 United States in the areas of litigation, white collar criminal defense and regulatory law.


Blair Connelly is a partner in the New York office of Latham & Watkins, where he focuses his practice on M&A litigation, securities litigation and corporate governance. Mr. Connelly has represented issuers, financial institutions, boards of directors and individuals in numerous high-profile securities, merger and takeover disputes and indemnity claims, and has had extensive involvement in large, complex internal investigations, derivative actions, class action lawsuits and SEC investigations. Mr. Connelly also has experience in complex insurance coverage and professional liability litigation. Mr. Connelly was recognized as a top litigator by Super Lawyers in 2006, 2007, 2008 and 2013.

Mr. Connelly received his JD from Georgetown University Law Center and his BA from Georgetown University. He is qualified to practice in New York and California.


David Spears is a partner at the New York City law firm of Spears & Imes LLP, a litigation boutique.  Early in his career, he spent many years working in government, including as Deputy Chief Trial Attorney in the SEC’s Division of Enforcement in Washington, D.C., and as an Assistant United States Attorney in the Southern District of New York.  At Spears & Imes, Mr. Spears specializes in white collar defense and complex civil litigation.  He has tried many criminal and civil cases in different courts around the country.  In many of those trials, he put on one or more experts to support his client’s case and/or cross-examined experts put on by the opposing party.  He has also worked with many experts in the preparation of reports for disclosure to the opposing party and in preparation for deposition by the opposing party.  In late 2017 or early 2018, Mr. Spears will be trying a criminal case in the District of Massachusetts in which the government is expected to call one or more experts, and a complex civil case in the Middle District of Florida in which both sides are expected to call multiple experts.


Jeffrey Katz is the National Practice Co-Leader of BDO’s Dispute Advisory Services practice with more than 25 years of experience providing forensic accounting services such as dispute resolution, litigation support and fraud investigations to organizations and their counsel. Jeff has significant experience in matters involving the calculation of lost profits and other economic damages, business valuations, and accounting related issues, having provided expert witness testimony in over 25 matters.

He is well-versed on post-acquisition disputes, having served as a neutral accounting arbitrator in more than 50 matters to resolve working capital adjustment disputes, earn-out disputes and other financial related post-closing disputes. As a consultant and expert witness in post-acquisition disputes, Jeff helps clients understand the accounting and contractual issues in dispute, assists in drafting submissions to the trier-of-fact and presents expert testimony. In addition, he has also led forensic accounting investigations involving allegations of stock options backdating, hedge fund litigation, and broker-dealer fraud.