Liam Colley Joins Cornerstone Research’s London Office

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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.

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Featured Experts

Featured Experts

Margaret K. Kyle

Chair in Intellectual Property and Markets for Technology,
MINES ParisTech

Margaret Kyle is a noted authority on competition, intellectual property (IP), and innovation, with extensive multinational experience with life sciences and healthcare topics.

Professor Kyle has been retained as an expert witness in multiple matters and has significant testifying experience, including at trial. She has provided testimony on a range of issues, including damages related to alleged product misrepresentation, pricing of pharmaceutical products, and nascent competition. The global Women@Competition platform named Professor Kyle among forty notable women competition professionals in their forties.

In her academic work, Professor Kyle has examined the impact of antitrust, trade, and IP policies on R&D investment, innovation, and competition. In particular, Professor Kyle has substantive experience with issues related to pricing of pharmaceutical products, R&D productivity, new product distribution, and competition between branded and generic pharmaceutical products. In addition, she has written about antitrust merger enforcement issues in pharmaceutical markets, with applications to other dynamic markets characterized by innovation. In the context of COVID-19, she has analyzed how incentives can promote the development of new medical technologies and advance the rapid manufacture of tests and treatments.

Professor Kyle’s previous positions include visiting professor of strategy at Northwestern University’s Kellogg School of Management; visiting scholar at the Center for the Study of Income and Productivity at the U.S. Federal Reserve Bank of San Francisco; professor at the Toulouse School of Economics; assistant professor at the London Business School, Duke University, and Carnegie Mellon University; and visiting professor at the University of Hong Kong.

Professor Kyle consults to policy entities in the United States, Europe, and the UK on competition, economics, and innovation topics. She is a member of DG Competition’s Economic Advisory Group on Competition Policy. At France’s Conseil National de Productivité, which advises the French Prime Minister and the Minister of Economic Affairs, she is one of eleven independent academic economists analyzing the country’s productivity and competitiveness, particularly issues linked to the Euro Zone. She coauthored a note on policies to encourage pharmaceutical innovation for France’s Conseil d’Analyse Économique. In the UK, Professor Kyle serves on the Research Committee for the Office of Health Economics.

Professor Kyle has coauthored chapters in the Handbook of Health Economics, the Oxford Handbook of the Economics of the Biopharmaceutical Industry, and Elsevier’s Encyclopedia of Health Economics. Her academic papers have been published in leading economics, strategy, and health policy journals. She is associate editor of the International Journal of Industrial Organization. Professor Kyle has been invited to speak at numerous conferences on issues such as nascent competition, reverse payment patent settlements, and excessive pricing.

Featured Experts

Greg Leonard

Senior Vice President

Greg Leonard heads Cornerstone Research’s finance practice and its European finance practice. He is also head of the firm’s London office. Dr. Leonard has nearly two decades of experience consulting for clients in complex litigation and regulatory proceedings. On behalf of clients, he has led regulatory investigations on both sides of the Atlantic, managing teams and simultaneously supporting experts across multiple related matters. Dr. Leonard has substantial experience directing analyses of large and complex high-frequency financial data sets, from both private entities and trading exchanges.

Dr. Leonard’s expertise includes high-profile matters at the intersection of finance and competition. He has evaluated a range of alleged anticompetitive activities in financial and commodities markets, including collusive conduct by various market participants, at both the class certification and merits stages.

Market manipulation

An expert on market manipulation, Dr. Leonard addresses issues that include allegations of benchmark manipulation, banging the close and other manipulation of settlement indices, misreporting of trade information, front-running client orders, trading to trigger stop-loss orders, spoofing and disruptive trading, wash trading, and inappropriate sharing of proprietary information.

In financial markets, Dr. Leonard has led engagements to evaluate risk management practices and the valuation of complex portfolios of trade positions. He has assessed Last Look features of FX client trading platforms, as well as FX algorithmic trading. In addition, Dr. Leonard has substantial experience in analyzing the execution, fulfilment, and hedging of client orders, from complex, market-moving transactions to smaller, routine orders.

Dr. Leonard’s expertise spans a broad range of financial instruments and physical commodities, both on futures exchanges and in over-the-counter markets. In finance, these include fixed income instruments and interest rate products such as LIBOR and other IBOR-linked instruments, FX, and swaps and swaptions. In commodities, he has led matters involving crude oil, natural gas, natural gas transportation contracts, liquefied natural gas, refined petroleum products, electric power, metals, and agricultural products, among others.

Financial investments and valuation

Dr. Leonard has consulted on issues involving investment activities across various financial instruments, notably auction rate securities, mutual funds, convertible stock, high-yield bonds, and private equity. He has applied real options valuation techniques to assess long-term structured power contracts, and employed other valuation methods to assess aspects of multiyear liquefied natural gas contracts. In addition, Dr. Leonard has conducted valuation analyses of alleged breaches of contract in a variety of contexts.

U.S. natural gas trading research

Dr. Leonard is the former head of Cornerstone Research’s energy and commodities practice. In that capacity, he managed the firm’s research on trading activity and pricing methods in the U.S. natural gas trading markets, based on Form 552 submissions to the Federal Energy Regulatory Commission (FERC).

Featured Experts

Marc Zenner

Independent Consultant;
Former Managing Director and Global Cohead of Corporate Finance Advisory, J.P. Morgan;
Former Managing Director and Global Head of the Financial Strategy Group, Citigroup;
Former Area Chair and Professor of Finance, Kenan-Flagler Business School, University of North Carolina, Chapel Hill

Marc Zenner is a corporate finance, valuation, and investment banking expert. Dr. Zenner specializes in corporate transactions and valuation, including mergers and acquisitions, spinoffs, and debt and equity financings; and in capital allocation, including dividends, buybacks, and investment decisions. His experience spans a wide range of industries, such as consumer and retail, energy, industrials, and technology. He also has worked with firms in emerging markets. An experienced expert witness, Dr. Zenner has provided deposition and trial testimony.

For nearly two decades, Dr. Zenner held senior leadership roles at several major investment banks. At J.P. Morgan, he served as managing director and global cohead of Corporate Finance Advisory. He advised clients on developments in capital markets and corporate finance, capital allocation and capital structure decisions, and the structuring of complex transactions. He served in similar roles at Citigroup and at ABN AMRO. Currently, Dr. Zenner is chief financial officer at Persefoni, a climate management and accounting platform.

Prior to his career in investment banking, Dr. Zenner was the area chair and a tenured professor of finance at the Kenan-Flagler Business School at the University of North Carolina, Chapel Hill. He taught courses in corporate finance, international finance, risk management, and investments to both graduate and undergraduate students. He has also given guest lectures on current topics in corporate finance, including special purpose acquisition companies (SPACs). Dr. Zenner has received multiple awards for outstanding teaching.

Dr. Zenner has published widely in major finance journals, including the Journal of Financial Economics, the Journal of Finance, the Review of Financial Studies, and the Journal of Financial and Quantitative Analysis. Over the course of his banking career, he authored more than 100 practitioner reports. He has served on the board of an SPAC in the energy industry. Dr. Zenner currently serves as a board member for three publicly traded firms and as a senior advisor to large technology and energy firms as well as technology start-ups.

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 Cases and Publications

4 August 2022

WWL: Competition Future Leaders—Economists 2022

Cornerstone Research consulting expert Vivek Mani recognised as a future leader of the international competition community.

4 August 2022

WWL: Global Leader Competition—Economists 2022

Cornerstone Research affiliated experts and staff were recognised among ‘the best consultants, expert witnesses and advisers in the world.’

30 June 2022

Cornerstone Research Named to Chambers and Partners Litigation Support 2022

The firm has again been recognised on this annual list, earning praise for the ‘scale and deep pool of available expertise’ it brings to a range of...

28 June 2022

Cross-Market Manipulation Allegations: Economic Implications

The authors discuss enforcement actions of cross-market manipulation from recent years and how they may shed light on the evaluation of future matt...

9 June 2022

WWL: Arbitration Expert Witnesses 2022

José Alberro and Ronnie Barnes have again been named to this annual list of 'world-leading' arbitration expert witnesses.

9 June 2022

WWL: Investigations Forensic Accountants 2022

Elaine Harwood and Carlyn Irwin have again been selected for the global list of leading forensic accountants in the legal investigations space.

6 June 2022

Liam Colley Joins Cornerstone Research’s London Office

Cornerstone Research further strengthens its antitrust and competition capabilities.

19 May 2022

Intersection of Intellectual Property and Competition Policy in Recent Cases

The authors discuss high-profile cases in the EU and US that concern IP rights and competition policy.

3 May 2022

2022 WWL: Thought Leaders–Competition

Five affiliated experts recognised among the world’s foremost competition economists.

13 April 2022

EssilorLuxottica’s Acquisition of GrandVision

The parties completed the €7.2 billion acquisition.

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