Leakage theory of loss causation and damages in securities litigation
Loss causation is typically established through the identification of corrective disclosures that are found to cause securities prices to decline, often in...
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Nikolai H. Caswell, CFA, is a principal in the Finance Practice. Nikolai has over 20 years of consulting experience on behalf of financial institutions, law firms, corporations, and government agencies. His primary expertise is in securities and finance, specializing in applying rigorous economic, financial, and statistical analysis to complex litigation.
His work has covered a broad range of issues in finance, including economic damages, market efficiency, event studies, insider trading, mergers and acquisitions, and valuation of publicly traded and privately held securities. In particular, Nikolai has worked on some of the world’s largest structured finance-related disputes arising from the 2007/2008 global financial crisis. He has also directly assisted counsel in expert trial testimony preparation for securities litigation and multi-million-dollar settlement negotiations. Prior to joining CRA, Nik was a Managing Director at Ankura.
His work has covered a wide variety of industries, including banking (shadow and conventional), credit rating agencies, computer software and hardware, mass media, and natural resources (oil, electricity, and natural gas). He coauthored a study on the economic costs of the US class action securities litigation system that was cited by The Wall Street Journal, The Economist, and Forbes. He also coauthored an article in the American Bar Association Securities Litigation Journal, titled “The Global Financial Crisis and Reinterpreting Lessons from History.”