As a market leader in supporting expert testimony in securities litigation, Vega Economics’ Securities & Finance practice provides top tier economic analysis to our clients. We have worked with many of the world’s largest investment banks and have analyzed issues related to materiality, class certification, liability analyses, causation, and damages. The industry professionals in our expert network have experience supporting clients across all phases of financial and securities litigation.
Vega uses advanced data analytics and carefully assesses each case’s unique claims to identify the most robust method employable for addressing the issues of each case.
Below is a list of example engagements for our Securities & Finance practice:
Classification of Cashflows within Securitizations: Mr. Daniel Castro was retained to opine on the treatment of certain types of cashflows within RMBS securitizations. Vega Economics was retained to assist Mr. Castro in reviewing data from remittance reports and other relevant documents.
Analysis of Underwriting Policies of a Retail Credit Card Program: Vega Economics was retained to support Mr. Myron Glucksman in a securities case to analyze underwriting policies of a retail credit card program, issued by a major private label credit card company.
CME Arbitration involving Treasury Futures Calendar Spreads: Professor Jeffrey Harris is retained in a CME arbitration involving Treasury futures calendar spreads. As part of his assignment, he discusses price discovery and market making in financial markets, provides an economic and regulatory view of relevant CME rules, as well as dissects the nature and impact of at-issue events.
Spoofing in High Frequency Trading: In USA v Vorley and Chanu (1:18-cr-00035), Vega analyzed allegations of certain traders’ spoofing conduct and evaluated calculations of alleged market harm associated with these spoofing activities.
Analysis of the LIBOR Transition: The Vega team is engaged by one of the world’s largest banks to provide consulting and research support in connection with the LIBOR transition. As part of the engagement, Vega created mapping for over 300 RMBS transactions across different data sources and analyzes the impact of LIBOR transition and COFI cessation on loans backing these transactions.
Valuation of Complex Securities: A Vega expert was retained in BlackRock Allocation Target Shares: Series S Portfolio, et al. v. Wells Fargo Bank, N.A. (S.D.N.Y. No. 14-cv-09371) to respond to plaintiffs’ expert’s proposed class-wide damages methodologies. The class of plaintiffs in this case alleged that the indenture trustee was obligated to enforce repurchase of certain loans whose alleged representations and warranties breaches materially and adversely affected the value of the loans. The Vega expert critiqued the opposing expert’s method of valuing the RMBS tranches through the averaging method and opined that tranche value is a function of bond insurance, interest rate type, spread, credit ratings and macroeconomic conditions, all of which were ignored by plaintiffs’ expert.
Investment Ratings of Structured Investment Vehicles: The Vega team was retained to support three experts in a case regarding ratings of structured investment vehicles. The industry expert opined on the rating process, the finance expert analyzed and opined on the rating agency’s modelling methodologies, and the accounting expert calculated damages using an event-study methodology.
Investigation of Potential Bond Price Manipulation: Vega was engaged to investigate potential price manipulation in certain bond markets. As part of the engagement, we performed economic analysis using the primary and secondary market transactions that were required to be reported by registered broker-dealers.
Asset Transfer in REIT Transaction: A Vega expert calculated damages suffered by a class of shareholders in a real-estate investment trust (REIT) as a result of an asset transfer. The expert, supported by the Vega team, evaluated the economic rights of the different shareholder classes as determined by the structure of the REIT.
Valuations of Fixed Income and Derivative Products: The Vega team supported an expert who was retained to analyze the effect of macroeconomic variables, changes in liquidity, and trust-specific factors such as bond insurance, interest rates, and spread in RMBS valuations. The Vega team has also supported expert's who valued derivative instruments associated with RMBS under various economic projections.
Government Investigation Regarding Due Diligence: The Vega team was retained to support an expert who analyzed the due diligence process for several hundred RMBS through the review of thousands of pre-securitization documents. The Vega expert also evaluated the disclosure of silent-second mortgages, the assignment of EV ratings, and the suitability and application of published due diligence sampling procedures.
Comparable Performance Analysis: The Vega team supported an expert who examined the effect of the macroeconomic environment on loan defaults and assessed whether the defaults in the RMBS loan pools differed significantly from model predictions that incorporated macroeconomic variables.
Servicing and Master Servicing of RMBS: The Vega team supported both the damages rebuttal expert and the servicing expert in the analysis and drafting of expert reports to address claims related to the obligations of the servicer and master servicer of RMBS in a half dozen cases.
Visiting Professor of Finance in the Cox School of Business at SMU
- Securities & Finance
- Data Science & Statistics
- Valuation
- Antitrust & Competition
Founder of Robust Advisors, Inc.
- Financial Institutions
- Securities & Finance
- Real Estate
Managing Director, Vega Economics
- Consumer Finance
- Corporate Finance
- Data Science & Statistics
- Labor & Employment
- Securities & Finance
Assistant Professor of Finance and Real Estate at Yeshiva University and CEO of WOTN
- Valuation
- Insurance & Risk
- Securities & Finance
- FinTech, Blockchain, and Cryptocurrency
- Financial Institutions
- Real Estate
Principal at Bank Experts Group
- Corporate Finance
- Financial Institutions
- Real Estate
- Securities & Finance
- Corporate Governance
- Financial Institutions
- Securities & Finance
- Corporate Finance
- Consumer Finance
Associate Professor of Finance at Johns Hopkins Carey Business School
- Securities & Finance
- Valuation
- Corporate Finance
- FinTech, Blockchain, and Cryptocurrency
- Antitrust & Competition
Associate Professor in the Department of Finance of the Villanova School of Business at Villanova University
- Intellectual Property
- Antitrust & Competition
- Corporate Finance
- Securities & Finance
- Data Science & Statistics
- Financial Institutions
- Real Estate
Gary D. Cohn Goldman Sachs Chair in Finance in the Kogod School of Business at American University
- Securities & Finance
- Financial Institutions
Managing Director, Bentley Associates, L.P.
- Corporate Finance
- Financial Institutions
- Securities & Finance
- Valuation
Professor Emeritus of Economics at the University of Northern Iowa
- Securities & Finance
- Energy, Environment, and Natural Resources
- Valuation
- Real Estate
Associate Professor of Finance at the Farmer School of Business, Miami University
- Securities & Finance
- Antitrust & Competition
- Data Science & Statistics
- Financial Institutions
- Valuation
Lecturer of Accounting at UCLA Anderson School of Management
- Accounting
- Securities & Finance
- Valuation
- Intellectual Property
- Corporate Governance
Director of the Mathematics in Finance Master's program and a Clinical Professor of Mathematics at the Courant Institute of Mathematical Sciences, New York University; Partner at CorePoint.
- FinTech, Blockchain, and Cryptocurrency
- Securities & Finance
- Financial Institutions
- Data Science & Statistics
- Valuation
Allstate Chair in Insurance and Finance at UCLA Anderson School of Management
- Insurance & Risk
- Accounting
- Securities & Finance
- Valuation
- Financial Institutions
Eric L. Kohler Professor Emeritus at the Kellogg School of Management, Northwestern University
- Antitrust & Competition
- Securities & Finance
- Accounting
- Valuation
- Real Estate
Managing Partner at DMA Economics LLC
- Securities & Finance
- Valuation
- Intellectual Property
- Data Science & Statistics
Albert and Jeanne Clear Career Development Professor and an Assistant Professor of Finance at the MIT Sloan School of Management
- Securities & Finance
- Corporate Finance
- Consumer Finance
- Financial Institutions
Senior lecturer in the finance area at the SC Johnson Graduate School of Management, Cornell University
- Corporate Finance
- Securities & Finance
- Financial Institutions
- Valuation
Professor of Finance at The University of Texas at Austin, McCombs School of Business
- Energy, Environment, and Natural Resources
- Securities & Finance
University Lecturer at NYU Courant; Partner at CorePoint
- Data Science & Statistics
- Valuation
- Securities & Finance
- Financial Institutions
- FinTech, Blockchain, and Cryptocurrency
Professor of Finance in the Leavey School of Business at Santa Clara University
- Securities & Finance
- Valuation
- Corporate Finance
- Financial Institutions
- FinTech, Blockchain, and Cryptocurrency
John M. Schiff Professor of Finance in the Stern School of Business at NYU
- Securities & Finance
- Financial Institutions
Glenn Klimek Professor of Finance at Leavey School of Business, Santa Clara University
- Securities & Finance
- Environmental, Social, and Governance (ESG)
- Consumer Finance
Adjunct Professor of Finance/Economics, at LIU Post
- Corporate Finance
- Financial Institutions
- Securities & Finance
- Corporate Governance
Principal, Vega Economics
- Labor & Employment
- Securities & Finance
- Data Science & Statistics
- Antitrust & Competition
- Healthcare & Health Economics