Financial Scholar Group professionals have worked on a wide variety of domestic and international antitrust issues in litigation and for various regulatory authorities. Our litigation experience includes liability and damages analyses on cases involving monopolization, monopsony power, price fixing and restraint of trade, among others. They have also provided written and oral testimony regarding the competitive effects of mergers before various regulatory bodies.

Antitrust Damages

The purpose of an antitrust damages assessment is to quantify the economic outcome that would have taken place absent any illegal anti-competitive behavior. Financial Scholar Group experts are adept at applying complex economic theory and sophisticated econometric analyses to case facts. We have extensive experience at quantifying economic damages resulting from anti competitive conduct and know how to present our findings clearly and effectively.


Financial Scholar Group professionals have extensive experience analyzing the effects of price fixing, bid rigging, market share allocation, and other forms of collusive behavior. Through the use of sophisticated econometric modeling and the rigorous application of economic theory to case facts, our specialists have successfully opined on both liability and damages issues arising from claims of collusion among market participants.

Market Definition

Properly defining an antitrust market is an important component to many antitrust claims. Financial Scholar Group experts are adept at applying the horizontal merger guidelines, case law, and rigorous economic analysis to case facts to develop accurate and defensible market definitions in antitrust matters.

Mergers and Acquisitions

Financial Scholar Group workforce have unparalleled experience in analyzing the likely competitive effects of proposed mergers. Our economists have developed advanced merger simulation models, and have provided sophisticated economic analyses to competition authorities and industry clients in some of the largest merger transactions on record.


Financial Scholar Group professionals have provided consulting services, economic analyses and expert opinions on a wide variety of monopolization and attempted monopolization claims across a number of industries. We are experienced at defining relevant antitrust markets and determining the presence and abuse of dominant positions within those markets. Our economists have assisted clients, federal agencies and state governments on a number of important cases involving claims under Sherman Act and Clayton Act.

Price Discrimination

Financial Scholar Group economists have analyzed a number of price discrimination claims brought under the Robinson-Patman Act. We are skilled at collecting, organizing, and analyzing pricing data, and we know how to account for the effects and timing of price promotions, advertising and other activities that can cloud results. Moreover, our specialists can credibly explain the results of these complex analyses in an understandable and persuasive manner.

Vertical Restraints

Vertical restraints of trade can occur at different levels of the production and distribution process. Financial Scholar Group economists and industry professionals are experienced at analyzing the relationships and contractual agreements throughout the upstream and downstream sections of the supply chain. We have provided expert opinions and analyses on a number of cases involving claims of vertical restraints of trade, including resale price maintenance matters, exclusive dealing matters and territorial restriction matters.


Auctions are increasingly being used to purchase and sell assets, property rights, and natural resources in a wide variety of industries, including telecommunications, energy and commodities. Properly designed and regulated auctions result in lower information and transaction costs, and help companies achieve important financial and strategic objectives. Financial Scholar Group’s experts have helped design a number of different auctions, from relatively simple single-round, sealed bid auctions, to more complex multi-round, ascending auctions. Additionally, our auction specialists are highly respected theorists and have assisted a number of clients develop and implement effective bidding strategies.

Class Certifications

The appropriateness of class certification depends on whether there is a common impact (harm) suffered by all the members of the class and whether a common method or formula can be used to quantify this impact. Establishing or defeating class certification is often a critical component in litigation and it requires a unique set of skills. Financial Scholar Group’s professionals have extensive experience in evaluating the appropriateness of classes for cases involving a wide variety of allegations in a number of different industries. We are adept at applying econometric analysis and economic theory to complex issues, and on numerous occasions have presented opinions that have been instrumental in the establishing or defeating class certification.

Consumer Protection

Financial Scholar Group’s personnel have the range of experience in consumer protection to address complex consumer financial issues using standard economic theory and econometrics. Our consultants and academic affiliates are proficient in survey design and research, econometric damage estimation, and behavioral finance and economics. They have experience with the following government agencies and institutions: Consumer Financial Protection Bureau, Federal Trade Commission, States’ Attorneys General, and Federal and State Courts (private litigation).

Energy Economics

Financial Scholar Group professionals have a proven record of providing valued advice and support to firms in all sectors of the energy industry. Our consultants and academic specialists possess considerable expertise in economic, financial, accounting, marketing and asset valuation issues peculiar to energy markets. We have successfully assisted such varied clients as integrated oil and gas companies, regulated utilities, wholesale power generators, and regulatory commissions. Our professional staff is highly experienced in working with clients’ legal counsel to provide litigation support, expert witness testimony, market design and analysis and academic advice on proposed regulatory and public policy changes.

Litigation Support and Expert Testimony

Financial Scholar Group personnel have provided expert witness testimony on a wide range of energy matters in both federal and state courts. They have provided opinions on a variety of matters, involving antitrust claims, intellectual property, commercial damages, asset valuation and royalties, and have convincingly presented their findings in testimony at deposition and at trial. Leading researchers in the fields of economic, finance and industrial organizations, together with experienced professionals from the energy industry, are available to support our clients in regulatory proceedings and complex business litigation.

Market Design and Analysis

Financial Scholar Group energy specialists possess considerable experience in the design and economic analysis of energy market mechanisms and pricing strategies. Our experienced workforce have served as consultants to a variety of electricity market design projects and have provided advice on the management of transmission congestion, pricing of energy and ancillary services, settlements, capacity market design, market power mitigation, generation adequacy and the use of contracts to mitigate local market power by independent generators. Our personnel have provided assistance on these and other matters to regulatory agencies, public and private utilities, generators, and retail suppliers.

Regulatory and Public Policy

Financial Scholar Group professionals have advised clients on a broad range of regulatory and public policy issues, including such diverse topics as generation adequacy, the operation of capacity markets, the measurement and mitigation of market power, transmission market design, retail rate design, demand-side management and the economics of renewable energy. Our experts have submitted written and verbal testimony before a number of state and federal regulatory bodies in the United States, including the Federal Energy Regulatory Commission (“FERC”). Our clients in these matters have included electric utilities, natural gas distribution utilities, power generators and pipeline companies. Elsewhere in the world, we have advised regulatory commissions and private companies in Japan, Korea, Brazil, Columbia, Peru, Canada, and Europe.

Labor & Employment

Labor related litigation, such as wage and hour disputes, discrimination, and pay equity matters, often require the application of sophisticated econometric and statistical analysis to complex data sets. Financial Scholar Group experts have significant experience in performing these types of analyses and explaining our results in a clear, convincing fashion to judges, juries, and arbiters.

Public Policy Analysis

Financial Scholar Group provides independent, objective analysis of the economic and fiscal impacts of public policies. Our specialists have provided reports and testimony before legislative committees and regulatory agencies on myriad proposed public policies in matters including energy, health care, education, gambling, transportation, water policy, student loans, and insurance reform. They apply their understanding of state and local fiscal systems with state-of-the-art economic impact models to arrive at credible analyses that clarify issues and contribute to public policy debates and campaigns.

Real Estate and Housing

The residential, commercial, and mixed use real estate markets are constantly in flux. Financial Scholar Group professionals are thought leaders in the area of real estate economics, mortgage banking, and securitization. We have significant experience in analyzing and valuing real estate assets, loan portfolios, mortgage-backed securities and derivative financial instruments. Our seasoned team members understand – and can explain – the mechanics and recent developments of the real estate markets, the complexities of the securities and derivatives that trade in these markets, and the roles and responsibilities of the many players who participate in them.

Resort Economics

In conjunction with our affiliates from Resort Advisory Group International, Financial Scholar Group provides clients with a wide range of strategic planning, asset management, and litigation support advisory services related to lodging, residential and mixed use real estate development, redevelopment, and operational activities both in the U.S. and abroad. The firm offers expert integrated advisory services at every stage of the real estate asset investment, implementation, management and operational decision-making processes.

Practice Area Contact — Antitrust Economics: Jeff Armstrong, Ph.D.
Practice Area Contact — Other Areas of Economics: Marc Vellrath, Ph.D., CFA

What We’ve Done

  • In Novartis’ acquisitions of Alcon, FSG economists managed the economic analysis presented to U.S., Canadian, and E.U. regulators related to the acquisition of eye care and retail vision pharmaceuticals assets.
  • In re: Vitamins Antitrust Litigation, FSG economists were retained for Rhone Poulenc to analyze the determinants of prices among vitamins used for animal feed and the extent to which coordination among suppliers led to elevated prices.
  • In U.S. v. Dentsply, FSG economists, with Professors Howard Marvel (Ohio State) and Peter Rossi (University of Chicago), were retained to provide analysis of liability and impact on claims of exclusive dealing in the market for artificial teeth.
  • In NYMEX v. Intercontinental Exchange, FSG economists were retained to support antitrust elements of litigation between the two primary financial exchanges that offer trading of standardized natural gas and crude oil contracts.
  • FSG economists were retained to review worldwide electricity markets to assess implications for energy markets in Japan.
  • In class action litigation following a direct competitor suit, U.S. Smokeless Tobacco Co. retained FSG professionals to provide economic analysis of liability and damages issues in a series of consumer class action cases.
  • FSG economists submitted testimony before a state regulatory commission assessing the effect the acquisition of a public utility by a private equity firm would have on retail customers’ rates.
  • In re: Canadian Cars Antitrust Litigation, FSG economists, along with Professor Howard Marvel, were retained by Ford Motor Company to provide an economic analysis of issues related to claims that U.S. auto manufacturers had coordinated efforts to restrict the gray market importation of new cars from Canada.
  • In re: Disposable Contact Lens Antitrust Litigation, FSG economists were retained to support liability and damages experts regarding allegations that lens manufacturers coordinated sales policies to restrict distribution to eye care professionals.
  • FSG economists developed an antitrust analysis in a copyright infringement dispute regarding Henry Hub natural gas prices and West Texas Intermediate crude oil futures contracts.
  • In AMD v. Intel, FSG economists supported impact and damages experts in private litigation and complaints by competition authorities worldwide that Intel’s sales practices had foreclosed AMD in the market for CPU sales.
  • In Ortho v. Amgen litigation alleging the tying of pharmaceutical products, FSG economists supported expert analysis to determine if multi-product discounts were anticompetitive, demonstrating little or no price change absent bundling.
  • In U.S. v. Michael D. Andreas et al., an FSG economist was retained for defendant, Andreas, to supervise the assessment of whether meetings between Andreas and corporate officers of rival lysine producers caused super-competitive pricing.
  • In the Hewlett-Packard acquisition of EDS, U.S. and E.U. antitrust clearance was granted after analysis by FSG economists demonstrated that HP and EDS were not close competitors in any potentially relevant market.