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Capital Market Risk Advisors

Litigation Support & Internal Investigations

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A Holistic Approach

CMRA provides expert services in both investigations and litigation. As true "experts" who have extensive hands on experience and whose practice is balanced between sharing our expertise with clients who are trying to avoid/solve problems and those who are litigating/investigating problems, we are uniquely qualified to provide advice and testimony.

CMRA has been involved in investigations and disputes arising from most of the financial meltdowns in the past 20 years. We have prepared expert reports and/or testified in numerous high profile cases involving complex financial instruments and have participated in several high profile investigations.

CMRA was called "The Red Adair" of financial engineering by Grant's Interest Rate Observer and was hired by the Fed as an advisor on the LTCM aftermath.

Leslie Rahl has been selected as a member of the prestigious "Panel of Recognized International Market experts in Finance" in The Hague.

Select Assignments in Litigation

Examples of meltdown-related experience include:

Current Crisis

  • March 2020

  • Volmageddon 2018

  • Market Manipulation 

  • Expert in $1.5B definition of "bankruptcy" and "limited 2 way payment" litigation

  • Expert in several SEC enforcement actions

  • Expert in TRS restructuring litigation

  • Expert in monoline CDS litigation

  • Expert in MBS fund litigation

  • Expert in CVA/FVA dispute

  • Expert in exotic FX derivatives $1B+ litigation

  • CMRA's Expert Reports and Testimony Pivotal in Judge's $600 MM+ Ruling in Barclays/Devonshire litigation

  • Expert in multiple Lehman related matters

  • Expert in multiple CDO investigations and litigations

  • Both a liability and a damages expert in a litigation related to margin calls, valuation, and events of default on a Total Return Swap on a bespoke portfolio of loans

  • Expert in litigation concerning margin calls and liquidation of exchange traded commodity futures and options

  • Expert on valuation in event of default on municipal swap

  • Expert on loss on complex, structured derivative in the context on the 17 month standstill in the Canadian ABCP market

  • Consulting expert in major bankruptcy derivative valuation case

  • Expert in SEC enforcement action based on lack of purported diversification

  • Expert in an arbitration on the business decisions in entering a swap vs other alternatives

  • Expert in litigation on the meaning from a practitioner's perspective of insolvency and default under ISDA

  • Valued a portfolio of 200+ non-agency RMBS and provided an expert report in a regulatory investigation

  • Expert in an ABCP litigation

  • Provided advice in several pre-litigation reviews of valuation of complex derivatives in bankruptcy

  • Expert in liquidation of large, MBS hedge fund

  • Expert on valuation of ABS/MBS portfolio that was liquidated

  • Expert on liquidation of 40K OTC derivatives in a bankruptcy

  • Valued complex structured products in counterparty bankruptcy for several SPV's

  • Advised a major dealer on valuations of over 40K level 2 and level 3 credit and mortgage derivatives in a counterparty bankruptcy

  • Advised on interpretation of 1987, 1992 and 2002 ISDA Master Agreements

  • Consulting experts on hedge fund CDO litigation

  • Expert witness in operational "Best Practices" for CDS

  • Advised sovereign wealth fund in redemption valuation and other issues for an emerging market hedge fund

  • Advised on issues related to losses incurred in short duration bond fund

Enron

  • Provided analysis of commodity derivatives

Tech BubblE

  • Analyzed the corporate governance issues surrounding a recapitalization of a media company

Columbus Day Mortgage Meltdown

  • Advised on interpretation of 1987 ISDA agreement

  • Analyzed the issues in a litigation matter relating to margin calls and liquidation of hedge fund with significant mortgage backed and emerging market exposures for a large European bank

  • Analyzed the issues in a litigation relating in numerous margin calls of an MBS hedge fund for a large broker/dealer

Russian Debt Crisis

  • Consulting experts on hedge fund CDO litigation

  • Advised on the unwinding of an emerging market hedge fund with over 100 derivative positions including valuation and market practice issues

  • Provided an expert report and testimony in a London based arbitration regarding interpretation of ISDA documents in light of the Russian debt crisis

1997 Asian Flu

  • Consulted re market practice re credit derivative swaps with Korean counterparties

1994 Meltdown

  • Orange County
    Analyzed the circumstances surrounding Orange County's margin calls (pre-bankruptcy) and blew the whistle, see WSJ article � re: CMRA's bailout effort)

  • Askin
    Provided valuation and market practice expert report and testimony in the Askin/Granite Funds meltdown

  • Bankers Trust
    Was hired by the Federal Reserve, SEC, CFTC, and NYS Banking Commission to conduct a comprehensive review of the derivatives business of Bankers Trust post Proctor & Gamble/Gibson Greetings

  • Breaking the Buck
    Advised money market fund concerning "breaking the buck" as a result of investments in mortgage backed "kitchen sinks" in 1994

In addition, we have provided expert advice, reports and testimony in a wide variety of litigation

  • Drafted expert report in Delaware Shareholder derivative suit raising issues concerning redemption of several classes of preferred shares

  • Provided an expert analysis and report in a corporate pension dispute

  • Reviewed remedial procedures adopted by a major broker-dealer as part of a settlement of SEC enforcement action involving front-running and submitted report to the SEC as to their sufficiency

  • Prepared expert report and was deposed in Federal Tax Court case involving long-term repurchase agreements

  • Drafted expert report in arbitration involving alleged mispricing of settlement prices and volatilities on options traded on the New York Future Exchange

  • Provided expert consulting regarding the valuation of a complex purchasing option embedded in a contract

  • Provided expert report and testimony on behalf of a large European bank in an arbitration related to the profitability of an unusually long term option

  • Provided a "fair value" opinion to a large bank on illiquid securities

  • Provided expert testimony and analysis in a Federal Court trial involving FX options

  • Analyzed a complex CLO and provided an expert report in a dealer/investor dispute

  • Provided an expert report and testimony in Federal Tax Court regarding a complex derivatives structure

  • Provided an expert report in an inter-dealer dispute over interpretation of asset swap and repo agreements

  • Provided an expert report in London litigation arising out of the Sumitomo copper scandal

  • Provided an expert report in a case involving late trading

 
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