ESTIMATING DAMAGES IN
SECURITIES LITIGATION
Conference in Detail
Monday • June 21, 2004
| 8:00 | Registration and Continental Breakfast |
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| 8:30 | Introduction and Overview Calculating and proving damages in Section 10(b)(5) clas action securities litigation and regulatory enforcement proceedings |
Stewart D. Aaron, Esq. Program Co-Chair Dorsey & Whitney LLP New York, NY Atreya “Chuck” Chakraborty, Ph.D. Senior Consultant Program Co-Chair The Brattle Group Cambridge, MA |
| 8:45 | Identifying Affected Securities and Establishing Causation: Who was Damaged? Who do You Go After? What was the Causal Link? |
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| • Developments in case law on acceptable economic techniques: Motorola |
Arthur Aufses, Esq. Kramer Levin Naftalis & Frankel LLP New York, NY |
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| •
Elements of a well-constructed economic study |
Lynda S. Borucki, Ph.D. Principal The Brattle Group Cambridge, MA |
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| 10:15 | Break |
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| 10:30 | Getting the Data for a Defensible Damages Study |
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| •
What the expert needs |
Nicholas I. Crew, Ph.D. Vice President Analysis Group Los Angeles, CA |
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| • Strategies for the attorney taking the deposition | Veronica E. Rendon, Esq. Thelen Reid & Priest LLP New York, NY |
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| •
Strategies for the defending attorney |
Thomas M. Skelton, Esq. Lowey Dannenberg Bemporad & Selinger, P.C. White Plains, NY |
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| 12:00 | Lunch (on your own) |
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| 1:15 | Creative New Theories for 10(b)(5) Cases in the Post Sarbanes-Oxley Environment |
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| • Sarbanes-Oxley has raised the bar for acceptable behavior and created potential new liabilities for market leaders; laddering situations; IPO allocations; earnings management; and use of analysts to pump up stocks. What new theories are coming down the pike? |
Robert J. Jossen, Esq. Swidler Berlin Shereff Friedman, LLP New York, NY and Washington, DC |
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| • In what areas will an economist be most and least likely to be able to put together a damages study that will survive a Daubert challenge? |
Vinita Juneja, Ph.D. Senior Vice President NERA Economic Consulting New York, NY |
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| 2:15 | Identifying and Properly Addressing the Unique Aspects of Different Types of Securities Cases (Market Manipulation vs. Skimming vs. Mutual Funds, etc.) |
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Key legal differences |
Scott M. Berman, Esq. Brown Rudnick Berlack Israels New York, NY |
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Key differences in the economic studies |
Alan Friedman Managing Director InteCap, Inc. New York, NY |
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| 3:15 | Break |
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| 3:30 | Damages in the Regulatory/ Enforcement Setting |
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| • Types of remedies available to the regulators (e.g. penalties, restitution, disgorgement); differences between remedies under the Martin Act and federal securities laws; identifying who receives the benefit of any regulatory settlement |
William F. McGovern, Esq. Branch Chief Securities Exchange Commission New York, NY |
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| • Legal and business perspectives on jurisprudence vs. “settlement prudence” in developing strategies for responding to a regulatory complaint |
Dr. Chyhe K. Becker Principal Deloitte & Touche Chicago, IL Zachary W. Carter, Esq. Dorsey & Whitney LLP New York, NY |
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| 5:30 | Adjourn |
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