Valuation of Complex Financial Instruments
Assess valuation methodologies, assumptions, models and market data in the context of complex financial disputes.
Learn more →Expert Witness & Dispute Resolution Services
Independent expert analysis for complex financial disputes, from early-stage assessment through testimony and trial.
Expert Services
CMRA supports counsel and clients across complex financial disputes, combining firsthand market experience with rigorous, independent analysis.
Risk Management & Market Practice
Evaluation of risk quantification, risk analysis, risk governance and risk reporting versus market practice.
Learn more →Derivatives
Options, swaps, futures and other OTC and exchange-traded derivatives in dispute.
Learn more →Structured Finance
Complex structured-finance products and transactions in dispute.
Learn more →Trading, Hedging & Portfolio Analysis
Analysis of trading, hedging and portfolio issues arising in financial disputes.
Learn more →Damages & Loss Analysis
Analysis and quantification of alleged financial losses and damages.
Learn more →Consulting Expert Services
Independent expert analysis of complex financial issues in dispute.
Learn more →Testifying Expert Services
Expert reports, depositions, arbitration and trial testimony.
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Selected Expert Witness
Testimony and Reports
CMRA’s seasoned experts combine decades of direct capital markets experience, strong academic credentials and extensive experience with testimony and cross-examination to provide expert analysis on both liability and damages.
Selected Matters
Representative engagements span derivatives, structured finance, valuation, risk management, market practice and complex financial disputes.
Allianz Structured Alpha
Served as a consulting expert in matters arising from the collapse of Allianz Structured Alpha, analyzing complex options strategies, volatility exposure, risk governance and investor losses.
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$300MM TRS on Loans Valuation Dispute
Served as expert in a dispute involving valuation of a total return swap on a portfolio of loans and bonds, related hedging derivatives, collateral calls, restructuring and damages.
Multi-Billion-Dollar Volmageddon Disputes
Provided expert analysis in disputes arising from the February 2018 volatility spike, addressing options, derivatives, portfolio liquidation and risk management.
Carlyle Capital
Served as expert in litigation involving Carlyle Capital Corporation’s approximately $20 billion portfolio of Agency CMOs funded through repo.
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Residential Mortgage Credit
Analyzed complex disputes involving credit-sensitive residential mortgage loans and securities, including valuation, mortgage credit risk and risk management.
Market Manipulation
Provided analysis in matters involving benchmark markets, including LIBOR and ISDAfix, applying trading analysis and market-practice expertise.
Barclays Bank v. Devonshire Trust
Provided expert reports and testimony involving synthetic credit transactions, valuation, liquidity and market practice in litigation arising from the Canadian ABCP crisis.
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Bankers Trust
Investigated derivatives sales practices, policies, controls, transaction economics and related market-practice issues.
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Orange County
Addressed derivatives, structured products, leverage, valuation and interest-rate risk associated with Orange County’s investment portfolio.
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Commodities / FX
Provided expert analysis and testimony in disputes involving commodities, foreign exchange and complex derivatives across multiple markets.
Lehman Brothers Experience
18+ Lehman Brothers Matters
CMRA advised counterparties in more than 18 Lehman-related matters involving derivatives close-out, valuation, ISDA documentation and market practice across conventional and highly complex financial instruments.
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QVT Financial v. Lehman Brothers Holdings Inc.
Testifying expert in a derivatives valuation dispute involving Lehman-proprietary derivatives, ISDA and market practice.
LBIE v. AG Financial Products
Testifying expert in an ISDA Loss and derivatives valuation dispute involving CDS on ABX, CDO and CLO instruments.
Japanese Bank — Icelandic Bank CDS Matter
Expert analysis of derivatives close-out and valuation involving credit default swaps on Icelandic banks.
Asian Bank — Binary Yield-Curve Slope Swap Matter
Expert analysis of derivatives close-out and valuation involving binary yield-curve slope swaps.
Lehman Cross-Exchange-Rate Swap Matters
Representative matters involving FX derivatives, cross-exchange-rate swaps, ISDA, valuation and counterparty risk.
Lehman Corporate CDS Matters
Representative derivatives close-out and valuation matters involving corporate credit default swaps.
Lehman Structured Credit Matters
Representative structured-credit matters involving synthetic CDOs, mezzanine CDO tranches and CLOs.
View Additional Representative Engagements
- Advised in litigation concerning margin calls and liquidation of exchange-traded commodity futures and options.
- Provided expert advice regarding appropriate risk disclosure related to a variable annuity meltdown.
- Provided an expert report and testimony in a London-based arbitration regarding interpretation of ISDA documents in the Russian debt crisis.
- Served as expert in a $1.5 billion dispute regarding the definition of bankruptcy and limited two-way payment.
- Advised on valuation in an event of default involving a municipal swap.
- Served as expert on the liquidation of approximately 40,000 OTC derivatives in a 1998 bankruptcy.
- Served as expert in an SEC enforcement action related to purported diversification in a fund of funds.
- Provided expert testimony for a large European bank in arbitration regarding valuation and profitability of an unusually long-term exotic option.
- Provided an expert report and testimony in Federal Tax Court regarding a complex derivatives structure.
- Analyzed a complex CLO and provided an expert report in a dealer / investor dispute.
- Served as expert in multiple TRS disputes involving restructuring, damages, collateral calls and events of default on bespoke loan portfolios.
- Served as expert in monoline CDS litigation.
- Provided expert testimony and analysis in Federal Court regarding FX options.
- Provided valuation and market-practice expert reports and testimony in the Askin / Granite Funds meltdown.
- Served as expert in litigation involving more than $1 billion of exotic FX derivatives.
- Advised on valuation of an ABS / MBS portfolio that was liquidated.
- Provided expert reports, court testimony and trial preparation on both liability and damages.
How CMRA Works with Counsel
Independent Expert Analysis
Analyze the financial, market and quantitative issues relevant to the dispute.
Expert Reports
Develop independent expert opinions supported by relevant analysis, market evidence and methodology.
Rebuttal Reports & Analysis
Review and respond to expert opinions, methodologies, assumptions and conclusions, identifying areas of disagreement and analytical weakness.
Depositions
Provide deposition testimony and address complex financial and quantitative issues.
Arbitration & Trial Testimony
Present independent expert opinions and explain complex financial issues to the decision-maker.
Assistance with Cross-Examination
Assist counsel in evaluating and developing questions concerning opposing expert analysis and testimony.
Pre-Litigation Assessment & Strategy
Assess financial, market and quantitative issues at an early stage to help counsel evaluate potential claims, defenses and areas requiring further analysis.
Expertise in Practice
100+
Disputes
Since 1992
Capital Markets Experience
P.R.I.M.E.
Finance Experts
Featured Case
Barclays Bank PLC
v. Devonshire Trust
While most of CMRA’s assignments are confidential, we are particularly proud of the Devonshire decision. It is one of the few matters we can discuss publicly, and the case ultimately reached the Supreme Court of Canada.
$600MM+
Collateral Priority at Issue
2
CMRA Expert Reports
1 vs. 3
CMRA Expert vs. Barclays Experts
1 Full +
2 Half Days Leslie Rahl Trial Testimony
2 Half Days Leslie Rahl Trial Testimony
~$300MM
Recovered by Devonshire
CMRA served as Devonshire’s sole expert in litigation involving complex valuation and market-practice issues tied to synthetic credit transactions during the Canadian asset-backed commercial paper crisis.
Leslie Rahl submitted two expert reports and testified for one full day and two half days at trial, rebutting analysis from three Barclays experts.
Devonshire prevailed at trial, and the result was upheld on appeal.
Read Full Case Study →Experience Across Market Cycles
For more than three decades, CMRA professionals have been involved in significant financial disputes, investigations and expert matters arising during periods of market stress and institutional failure.
1994
Orange County
CMRA analyzed Orange County’s investment portfolio during the crisis, including structured-product valuation, leveraged interest-rate exposure, risk measurement and disclosure.
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1994
Bankers Trust
CMRA was retained by Independent Counsel to investigate derivatives sales practices, complex transaction economics and internal controls, including approximately 100 employee interviews.
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1998
Russian Debt & Currency Crisis
CMRA analyzed derivatives exposures arising during the Russian debt and currency crisis and later provided expert testimony concerning interpretation of ISDA documentation.
1998
Long-Term Capital Management
CMRA examined issues arising from the LTCM collapse, including counterparty risk, leverage, hedge-fund due diligence and the limitations of quantitative risk analysis under stress.
2007–08
Global Financial Crisis
CMRA addressed valuation, liquidity and risk-management issues involving structured products, credit derivatives and stressed markets during the subprime and broader financial crisis.
2008
Lehman Brothers
CMRA advised on more than 18 separate Lehman-related disputes involving derivatives closeout, valuation and ISDA documentation, across instruments ranging from conventional derivatives to highly complex and illiquid structured products.
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2018
Volmageddon
CMRA provided expert analysis in litigation arising from the February 2018 volatility spike, involving options and VIX derivatives, margin requirements, portfolio liquidation and risk management.
2020
COVID-19 Market Dislocation
CMRA provided expert analysis in a multibillion-dollar dispute involving variance swaps during the COVID-19 market dislocation, including volatility exposure, valuation, risk management and portfolio losses.
2020
Allianz Structured Alpha
CMRA was retained as a consulting expert in matters arising from the collapse of Allianz Structured Alpha, involving complex options strategies, volatility exposure, risk governance and investor losses.
View Allianz Structured Alpha Matter →
2021
Texas Winter Storm Uri
CMRA provided expert analysis in disputes arising from Winter Storm Uri involving energy and commodity markets, derivatives, valuation and risk management.