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Analysis Group Joins New York International Arbitration Center Roundtable Discussion on Event Studies
Managing Principal Samuel Weglein and Vice Presidents Mark Berberian and Chris Feige joined a roundtable discussion with partners from Hughes Hubbard & Reed and Latham & Watkins on the use of event studies to assess value in international arbitration. The presentation, part of the New York International Arbitration Center’s (NYIAC’s) “Working with a Damages/Quantum Expert” series, was titled “Valuations in International Arbitration using Event Studies.”
Dr. Weglein opened the discussion by providing a brief historical overview of the development and use of event studies. Mr. Feige then explored several topics related to event studies, including their purpose, usefulness in litigation, mechanics, and specific applications. He summarized some of the potential confounding complexities surrounding the use of event studies and outlined key points for practitioners and decision makers to consider as they review applications of the tool. Mr. Berberian then provided examples of potential uses of event studies in arbitration settings with respect to both merits and quantum issues. In the remainder of the discussion, participants examined relevant case decisions and contemplated the use of event studies in international arbitration.
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Chris Feige
PrincipalMr. Feige specializes in the areas of finance, securities, and financial markets. He has worked on and managed a range of securities and valuation projects in the UK and Europe. Mr. Feige has been appointed as expert in Dutch court to provide valuation and securities claims reports in support of Steinhoff’s global securities settlement, and gave evidence in the Dutch Enterprise Chamber regarding the valuation of Getir. He has also managed teams evaluating shareholder reliance and disclosure materiality and estimating counterfactual share prices in UK Financial Services and Markets Act (FSMA) Section 90A litigation matters. Mr. Feige has supported experts analyzing the volume of false and spam accounts on Twitter, Twitter’s information security infrastructure, Twitter’s data privacy and compliance with a US Federal Trade Commission (FTC) consent decree, and share price and valuation issues on behalf of Twitter in Twitter v. Musk in which Elon Musk eventually purchased Twitter at his initial offer price. In cases involving alleged market manipulation in the foreign exchange (FX) and IBOR markets, he has analyzed trade data and evaluated alleged manipulation strategies. Mr. Feige worked on USA v. Richard Usher, et al., and the Foreign Exchange Class Antitrust Litigation, analyzing FX trade and chat data, as well as competition issues; preparing experts for testimony at trial; and providing data analyses and consulting support to counsel throughout the projects. He has also worked on a range of international arbitration cases, including valuation, damages, and competition analyses. In addition, he has developed complex valuation models, including discounted cash flow models, and analyzed asset-backed securities, collateralized debt obligations, and other securitized products in support of expert testimony in a number of bankruptcy and damages matters. Mr. Feige has also worked on a number of international arbitrations valuing defaulted sovereign debt, expropriated oil fields, and retail operations. His work has been published in several industry journals.