Expert Witness &
Dispute Resolution Services
CMRA provides independent expert witness and consulting expert services at every stage of a complex financial dispute — from early-stage analysis through expert reports, court testimony and trial preparation.
Hands-on capital markets experience. Independent expert analysis.
Discuss a Matter →Selected Expert Witness Services
Assess valuation methodologies, assumptions, models and market data in the context of complex financial disputes.
Learn more →Evaluation of risk quantification, risk analysis, risk governance and risk reporting versus market practice.
Learn more →Options, swaps, futures and other OTC and exchange-traded derivatives in dispute.
Learn more →Analysis of trading, hedging and portfolio issues arising in financial disputes.
Learn more →Analysis and quantification of alleged financial losses and damages.
Learn more →Independent expert analysis of complex financial issues in dispute.
Learn more →Expert reports, depositions, arbitration and trial testimony.
Learn more →
Selected Expert Witness
Testimony and Reports
CMRA’s seasoned experts combine decades of direct capital markets experience, strong academic credentials, and extensive experience with direct testimony and cross-examination to provide expert analysis on both liability and damages.
Served as expert in litigation involving a $20 billion portfolio of Agency CMOs funded through repo, with approximately $1 billion in dispute.
Served as expert in a $2 billion dispute involving volatility derivatives.
Provided pivotal expert reports and testimony in litigation involving complex structured products and a $600MM+ ruling.
View case →Provided expert consulting in a dispute involving credit and funding valuation adjustments.
Served as expert in a dispute involving valuation of a total return swap on a portfolio of loans and bonds, additional hedging derivatives, collateral calls, restructuring and damages.
Advised on more than 18 separate Lehman-related disputes involving derivatives closeout, valuation and ISDA documentation.
Transactions ranged from conventional interest-rate and FX derivatives to illiquid Icelandic bank CDS, proprietary Lehman products and an extraordinarily large, practically untradeable binary option on the slope of the yield curve.
View matter →Retained by Independent Counsel to conduct a comprehensive investigation into derivatives sales practices, including the economics of complex transactions, internal controls and approximately 100 employee interviews.
View case →Engaged as expert in connection with the $7.6 billion Orange County investment pool, analyzing structured-product valuation, leveraged interest-rate exposure, risk measurement and disclosure.
View case →View 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.
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.
2 Half Days Leslie Rahl Trial Testimony
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.
Orange County
CMRA analyzed Orange County’s investment portfolio during the crisis, including structured-product valuation, leveraged interest-rate exposure, risk measurement and disclosure.
View Orange County Case →Bankers Trust
CMRA was retained by Independent Counsel to investigate derivatives sales practices, complex transaction economics and internal controls, including approximately 100 employee interviews.
View Bankers Trust Case →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.
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.
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.
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.
View Lehman Matter →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.
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.
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 →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.
“What Red Adair is to oil and gas exploration, CMRA is to financial engineering.”Grant’s Interest Rate Observer · August 1994