Recent CAT judgments yield lessons on the collection and submission of economic evidence

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We are privileged to work on a wide range of our clients’ most high-profile matters. Our approach uses the experience of our staff to support world-class academic, industry and in-house experts.

Featured Experts

Featured Experts

John Asker

Armen A. Alchian Chair in Economic Theory and Professor of Economics,
University of California, Los Angeles;
Senior Advisor, Cornerstone Research

John Asker is a leading expert in industrial organization and antitrust and competition economics. Professor Asker focuses on topics related to antitrust policy, cartel behavior, vertical restraints, auction design, firm-level productivity, industry subsidy effects, artificial intelligence (AI) pricing mechanisms, and cryptocurrency. He also has experience with issues at the intersection of financial markets and antitrust.

Professor Asker has testified in numerous high-profile matters, including mergers and civil litigation.

Professor Asker was retained by Amazon in its $8.5 billion acquisition of Metro-Goldwyn-Mayer, which Global Competition Review named as 2023 Matter of the Year. Counsel for Meta retained him to assess competitive effects in the U.S. Federal Trade Commission’s (FTC’s) review of Meta’s $1 billion acquisition of Kustomer. He was retained by counsel for SoftBank and Sprint Corporation in the $26 billion T-Mobile/Sprint merger. Professor Asker provided written testimony to the World Trade Organization on behalf of the Canadian government in the U.S.–Canada softwood lumber dispute.

Professor Asker has served as an economic consultant to both federal and state regulatory agencies. In the AT&T/DirecTV merger, he served as an expert for the U.S. Federal Communications Commission. The U.S. Department of Justice retained him to evaluate potential competitive effects of the then-proposed merger between Dow Chemical Co. and DuPont. He has coauthored several amicus briefs presented before the U.S. Supreme Court and federal appellate courts.

Professor Asker has provided testimony, in depositions and at trial, in multiple civil litigation matters. In EFN West Palm Motor Sales LLC v. Hyundai Motor America Corp. et al., a federal trial, his testimony on vertical relations between a manufacturer and dealers contributed to the jury ruling in favor of Hyundai and awarding no damages. Professor Asker has also testified in cases alleging exclusionary conduct, cartel behavior, price discrimination, and predatory trading. He has been retained in antitrust matters involving financial markets to address issues of alleged collusion and price manipulation.

Professor Asker has conducted extensive research on cartels, including their structure and operation, aggregate market power impact, related economic damages, and implications for antitrust policy. He has contributed research on cartels and collusion to leading economics reference texts, notably the Handbook of Industrial Organization. He has also published in leading journals on vertical restraints.

Professor Asker is an editor of the Journal of Political Economy. He has also held editorial positions at the American Economic Journal: Microeconomics, the RAND Journal of Economics, and the Journal of Industrial Economics. His research has been published in leading economics journals, including the Journal of Political Economy and the American Economic ReviewWho’s Who Legal has named Professor Asker as a leading competition economist, as well as a Thought Leader and Future Leader in the competition field. Global Competition Review recognized him to its inaugural list of the world’s most important antitrust academics.

Professor Asker teaches courses in antitrust policy, industrial organization, and strategy. He also speaks on antitrust topics, including to U.S. federal agencies, and has been a visiting scholar at the FTC’s Bureau of Economics, the Department of Economics at Harvard, and Yale Law School. Before joining the UCLA faculty, Professor Asker was an associate professor of economics at the Stern School of Business at New York University

Featured Experts

Andrea L. Eisfeldt

Laurence D. and Lori W. Fink Endowed Chair in Finance,
Professor of Finance,
UCLA Anderson School of Management,
University of California, Los Angeles

Andrea Eisfeldt is an expert on financial markets. Professor Eisfeldt’s research has focused on macroeconomics and finance, including research on market liquidity, the role of intangibles in asset pricing, bank valuation, and over-the-counter markets.

Professor Eisfeldt has been retained as an expert witness in numerous finance matters, analyzing a range of issues that include portfolio analysis, valuation, economic damages, asset pricing, investment strategies, fixed income and derivatives, mortgage finance and mortgage-backed securities (MBS), hedge funds, and LIBOR. On Section 10b and Section 14a securities class actions, she has addressed issues at the class certification and merits stages, including loss causation and damages.

In her recent academic work, Professor Eisfeldt has researched a range of topics, including the effects of Generative AI on the value of firms, the return on complex trading strategies, over-the-counter derivatives prices and trading, bank valuation, and credit risk. She has published articles in the Journal of Finance, the Journal of Monetary EconomicsEconometrica, and the Review of Financial Studies. Her research has twice been awarded the Amundi Smith Breeden Prize by the Journal of Finance. Professor Eisfeldt was a finalist for the Jensen Prize in the Journal of Financial Economics.

Professor Eisfeldt holds editorial roles at leading academic journals. She serves on the board of the American Finance Association, where she is a member of the investments, ethics, and strategic planning committees. At the National Bureau of Economic Research (NBER), she is a research associate in the programs for asset pricing, corporate finance, and economic fluctuations and growth.

Professor Eisfeldt teaches courses on derivatives, international finance, corporate finance, FinTech and cryptocurrency, and macro finance. Previously, she served for a decade as a tenured professor at the Kellogg School of Management at Northwestern University.

Featured Experts

Liam Colley

Senior Vice President

Liam Colley heads Cornerstone Research’s European competition practice. Mr. Colley is a testifying economics expert specializing in competition, antitrust damages, and economic regulation issues. He has more than twenty-five years of experience as a consultant and testifying expert. His experience includes multiple high-profile matters before U.K. and European Union courts and competition regulators. Citing the “unassailable quality of his work,” Who’s Who Legal has named Mr. Colley a leading competition economist, as well as a Thought Leader and Global Leader in the competition field.

Antitrust and competition

Mr. Colley has consulted on a range of competition matters before the European Commission, national competition authorities, regulators, and courts. His expertise includes matters arising in automotive; financial services; insurance; technology, media, and telecom (TMT); and transportation. He has supported clients on numerous antitrust investigations and market inquiries. In addition, Mr. Colley has worked on multiple mergers, particularly on matters involving efficiencies and failing firm defenses.

Antitrust damages

Mr. Colley has wide experience estimating damages that arise from breaches of competition rules. In cartel damages matters, he has prepared numerous expert reports in the context of high court litigation, arbitration, mediation, and settlement negotiations. He has addressed class action issues and worked on many stand-alone and follow-on actions in abuse of dominance cases.

Mr. Colley has served as a testifying expert before the U.K. High Court and the U.K. Competition Appeal Tribunal (CAT) on both antitrust damages matters and regulatory appeals.

Mr. Colley publishes and speaks widely on competition and damages issues. Before joining Cornerstone Research, for many years he led the global economics practice of a major professional consulting firm.

Featured Experts

Gregor Langus

Vice President*

Gregor Langus is a leading European competition economist who supports clients and provides expert testimony in antitrust investigations, merger reviews, competition damages matters, and arbitration proceedings. Dr. Langus has extensive experience in matters related to innovation and digital markets, with a focus on information technology (IT) markets, online platforms, standard essential patents (SEPs), and copyright issues.

Dr. Langus has worked on matters in multiple jurisdictions, including before the European Commission (EC), the U.S. Department of Justice (DOJ) and Federal Trade Commission (FTC), and competition authorities and courts of several European Union member states.

Dr. Langus served in the Chief Economist’s Team in the EC’s Directorate-General for Competition (DG COMP) for over seven years, in two separate appointments. During that time, he worked on numerous complex merger reviews, as well as matters involving allegations of abuse of dominance. He has extensive consulting experience as head of CompetitionSphere, and in senior roles with major economics consulting firms. Dr. Langus also has teaching experience as a lecturer at Tilburg University.

Dr. Langus is the lead author of several competition policy studies focused on copyright, licensing, merger control, and telecommunications issues. His academic articles have been published in peer-reviewed journals, including the International Journal of Industrial Organization, Economics Letters, the Journal of Competition Law and Economics, and Concurrences.

Dr. Langus speaks widely on competition, mergers, and SEP issues. Who’s Who Legal has recognized him as a Thought Leader among the top global competition economists.


Featured Cases and Publications

5 October 2023

GCR Live: Competition Litigation 2023

Anca Cojoc will join a panel titled ‘Economic expert evidence – pleasing no one? Lessons from BT & Royal Mail Trucks Judgment’ at this annual compe...

28 September 2023

WWL: Competition Future Leaders—Consulting Experts and Economists 2023

Who’s Who Legal named five Cornerstone Research consulting staff as future leaders in the global competition field.

28 September 2023

WWL: Competition Global Leaders and Consulting Experts 2023

Who’s Who Legal named Cornerstone Research academic experts and consulting staff in its 2023 lists of leading experts in the competition field.

13 September 2023

EC Investigation into Cloud Technology Company Merger

The European Commission cleared this merger after an investigation.

1 September 2023

The Economics of New Product Launches and Access to Pharmaceutical Products in the EU

The authors provide an economic perspective on the European Commission’s proposed reform of the EU’s pharmaceutical legislation.

28 July 2023

Yesim Richardson Interview with Consulting Magazine

Cornerstone Research’s president talks to Consulting Magazine about the firm’s origins, opportunities, and goals, and her path to firm leadership.

25 July 2023

2023 WWL: Thought Leaders – Commercial Litigation

Andrew Richmond, a leader in Cornerstone Research’s accounting practice, was recognized among the world’s foremost litigation practitioners.

6 July 2023

Cornerstone Research Recognized by Chambers Global 2023 Guide

The firm continues to earn top rankings on annual list for litigation support.

30 June 2023

Recent CAT judgments yield lessons on the collection and submission of economic evidence

The authors provide an economist’s perspective on recent decisions from the Competition Appeal Tribunal.

29 June 2023

GCR Live: Law Leaders Europe 2023

Vikram Kumar will discuss issues related to divergence and fragmentation in global antitrust at this annual conference in Brussels.

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