Our staff and experts have worked on class certification, liability, and damages issues in antitrust and competition matters in a range of industries, including technology, financial institutions, agriculture, telecommunications, transportation, and pharmaceuticals. We have also consulted to the parties and agencies in merger matters involving horizontal and vertical issues.

We also have experience with cases at the intersection of antitrust with intellectual property and matters involving labor and financial markets.

Our extensive network includes top experts from academia and industry.

Our extensive network includes top experts from academia and industry.

Celeste C. Saravia

Vice President,
Cornerstone Research;
Lecturer,
University of California, Berkeley

Celeste Saravia coheads Cornerstone Research’s antitrust and competition practice. Dr. Saravia provides economic and statistical consulting, analysis, and expert testimony in complex business litigation. She addresses class certification, liability, and damages issues in antitrust litigation matters involving allegations of collusion, vertical restraints, and other allegedly anticompetitive behavior, as well as assessing the competitive effects of mergers.

Dr. Saravia works on matters in many industries, including life sciences (pharmaceuticals and medical devices), finance, information technology, energy, telecommunications, and media. Who’s Who Legal has recognized her multiple times as a Global Leader among competition economists. Dr. Saravia teaches economics courses at the University of California, Berkeley.

Antitrust and competition

Dr. Saravia has served as an expert in more than a dozen cases dealing with a variety of antitrust issues, including no-poach agreements, non-compete agreements, price fixing, monopolization, bundling, exclusive dealing, predatory pricing, price discrimination, and product hopping. These cases include Inline Packaging LLC v. Graphic Packaging International Inc. and Fresenius Kabi USA LLC v. Par Sterile Products LLC et al. Dr. Saravia offered trial testimony in In re HIV Antitrust Litigation, a case involving an allegedly anticompetitive reverse payment in a pharmaceutical patent settlement; and in J & M Distributing Inc. v. Hearth & Home Technologies Inc. et al., an alleged monopolization case.

Dr. Saravia has provided government agencies and parties support in all phases of merger review. She has analyzed competitive effects in prominent proposed mergers, such as Sysco/US Foods and Thoratec/Heartware. The Department of Justice (DOJ) retained Dr. Saravia to assess the competitive effects of the proposed merger between China International Marine Containers Group and Maersk Container Industry.

As a consultant, Dr. Saravia leads teams working on high-profile matters, including FTC v. Qualcomm, In re Flash Memory Antitrust Litigation, American Express Travel Related Services Company Inc. v. Visa USA Inc. et al., and Thales Avionics Inc. v. Matsushita Avionics Systems Corporation.

Energy and commodities

Dr. Saravia has developed analytical and statistical models to examine the competitiveness of deregulated electricity markets and modeled the competitive effects of a proposed merger of two electricity firms. In a matter related to an alleged monopsony by the largest purchaser of a natural resource, she provided a preliminary injunction analysis and addressed class certification, liability, and damages issues.

Intellectual property

Dr. Saravia has addressed general damages and intellectual property issues in a variety of matters. In Verizon Services Corp. et al. v. Cox Fibernet Virginia Inc. et al., she analyzed reasonable royalty rates, lost profits, and price erosion due to patent infringement. She also addressed reasonable royalty rates due to patent infringement in Brandeis University and GFA Brands Inc. v. Keebler Co. et al. Dr. Saravia analyzed class certification, liability, and damages related to a breach of contract dispute in the hospitality industry.

Dr. Saravia speaks and publishes frequently on competition issues. She won a Concurrences Antitrust Writing Award for her coauthored article, “Analyzing Incentives and Liability in ‘Hub-and-Spoke’ Conspiracies.” She has published research in Global Competition Review, including “Horizontal Merger Guidelines and Market Definition in Monopolization Cases” and “Standards for Assessing Bundled Discounts.”

Before joining Cornerstone Research, Dr. Saravia worked at the University of California Energy Institute.

Our extensive network includes top experts from academia and industry.

Justin McCrary

Paul J. Evanson Professor of Law,
Columbia Law School;
Senior Advisor, Cornerstone Research

Justin McCrary is a leading expert on statistical methods and economic modeling, with a focus on antitrust and competition, labor, and consumer product matters. Professor McCrary has testified on class certification, antitrust, labor, and statistics issues. His wide-ranging experience covers numerous industries and markets, such as automotive, commodities, technology, healthcare, life sciences, finance, telecommunications, and retail.

Antitrust and competition

Professor McCrary testifies in complex antitrust and competition matters in various industries. His experience includes:

  • In a significant matter in a high-tech industry, he addressed allegations of a conspiracy to fix prices and also analyzed and rebutted an opposing expert’s damages model. In another matter, he analyzed damages resulting from alleged collusion among pharmacies.
  • On behalf of a global food and agriculture corporation, Professor McCrary evaluated an alleged conspiracy to manipulate wheat futures and options contracts.
  • Professor McCrary has experience in multiple large and complex antitrust class actions involving financial markets. For example, he addressed statistical sampling of alleged cartel communications in In re Foreign Exchange Benchmark Rates Antitrust Litigation.
  • Professor McCrary rebutted damages in a case alleging that a large software provider maintained its monopoly position through anticompetitive practices, including exclusionary contracting. The client prevailed in a confidential arbitration proceeding.
  • Professor McCrary has provided testimony in antitrust matters involving intellectual property. For example, in Palm Beach Tanning Inc. et al. v. Sunless Inc., an antitrust counterclaim filed in response to a trademark case, he analyzed Section 1 and 2 tying allegations and issues related to the Robinson-Patman Act.
  • In the telecommunications industry, Professor McCrary served as a consulting expert for the U.S. Department of Justice in its review of AT&T’s acquisition of T-Mobile.
Labor

Professor McCrary has wide-ranging labor markets expertise. His representative experience includes:

  • Professor McCrary provided testimony in two seminal no-poach litigation matters involving the McDonald’s and Jimmy John’s franchises. In both matters, he analyzed the potential procompetitive benefits of the challenged clauses and opined on class certification issues. Class certification was denied in both cases, with both U.S. district court judges relying on Professor McCrary’s analyses in their opinions.
  • Professor McCrary testified on class certification issues in a high-profile gender discrimination case focused on pay and promotion outcomes at a large U.S. retailer. The judge subsequently denied certification of the plaintiffs’ proposed class.
  • Defense counsel retained Professor McCrary to analyze merits and damages issues in Morgan et al. v. U.S. Soccer Federation Inc., a gender pay discrimination class action. Citing Professor McCrary’s expert report in his order, the judge ruled in favor of the defendant’s motion for summary judgment.
  • Defense counsel in Robinson et al. v. Jackson Hewitt Inc. and Tax Services of America retained Professor McCrary to analyze allegations that franchise no-poaching agreements restricted mobility and suppressed compensation.
Consumer fraud and product liability

Professor McCrary has testified in multiple matters alleging product liability, false advertising, and breach of contract. For example, in Beaty v. Ford Motor Company, a product liability matter involving alleged automotive defects, he provided class certification and damages rebuttal testimony.

Serving as an expert in high-profile consumer class actions, Professor McCrary has conducted empirical analyses and provided testimony on issues related to causation, liability, and damages. He has also rebutted damages models using a variety of empirical techniques, including conjoint analysis and hedonic regressions.

Statistical methods and analysis

The founding director of the Social Sciences Data Laboratory (D-Lab) at the University of California, Berkeley, Professor McCrary is an authority on high-performance computing and statistical techniques.

He has testified on sampling, probability theory, and statistical methods. In the closely watched matter, In Re Twitter Inc. v. Elon Musk et al., he was retained to address allegations regarding the statistical sampling methods employed by Twitter in analyzing spam and fake accounts.

Professor McCrary has examined the statistical evidence for healthcare providers’ alleged overbilling of Medicare in both government audit and False Claims Act (FCA) matters. He also has substantial experience with mortgage-backed securities matters, including rebuttals to analyses invoking matching estimators.

Research and teaching

Professor McCrary publishes research on econometric methods, including on measuring damages in antitrust litigation. In addition, his scholarship covers a wide range of topics, including employment discrimination, high-frequency trading, financial market structure, and monetary policy. A prolific author and coauthor, his work has appeared in leading journals, including the American Economic Review, the Journal of Econometrics, and the Review of Economics and Statistics. Professor McCrary is a faculty research associate at the National Bureau of Economic Research (NBER).

Before joining Columbia University, Professor McCrary taught at the School of Law at the University of California, Berkeley.

Our extensive network includes top experts from academia and industry.

W. Robert Majure

Vice President

Bob Majure coheads Cornerstone Research’s merger investigations practice in Washington, DC. Dr. Majure has wide-ranging expertise with merger and joint venture analysis, antitrust proceedings, regulatory actions, and appellate filings. He has experience across many industries, including agriculture, energy, health insurance, high tech, industrial equipment, media, professional services, telecommunications, and transportation. Who’s Who Legal has recognized Dr. Majure as a Global Leader among competition economists.

Dr. Majure is the former Director of Economics for the Antitrust Division of the U.S. Department of Justice. In this role, he worked closely with the Deputy Assistant Attorney General for Economic Analysis and other members of the Antitrust Division front office, monitoring merger enforcement and litigation matters, allegations of anticompetitive horizontal conduct, and monopolization. Dr. Majure has received awards for senior executive civil service, culminating in Presidential recognition.

An expert in industrial organization economics, Dr. Majure worked on every merger challenge brought by the Antitrust Division during his nine years as director, including Aetna/Humana, Anthem/Cigna, AT&T/T-Mobile, AT&T/Time Warner, GE/Electrolux, and USAir/American.

He was also instrumental in major merger settlements, notably Anheuser-Busch InBev/SABMiller, Bayer/Monsanto, Comcast/NBCU, CVS/Aetna, and Dow/DuPont.

As part of the DOJ’s non-merger enforcement, Dr. Majure supervised numerous investigations of business practices, as well as several challenges, such as American Express, Apple, and Carolinas Healthcare System.

Dr. Majure’s career at the DOJ spanned nearly twenty-five years and several key roles. In addition to supporting the Antitrust Division’s enforcement and policy activities across all of its areas of interest, he frequently coordinated practices and policies with senior representatives of other domestic and international enforcement agencies, such as the Federal Trade Commission and the Directorate-General for Competition (DG COMP). He was also actively involved in multinational competition policy efforts through the Organisation for Economic Co-operation and Development (OECD) and the International Competition Network (ICN).

Previously, Dr. Majure served as a section chief and as an assistant section chief in the Antitrust Division’s Economic Analysis Group (EAG). In these capacities, he led the economic team supporting the Division’s enforcement and policy activities. He submitted testimony on competitive effects in Union Pacific/Southern Pacific Railroad and on the suitability of remedy in U.S. v. SBC Communications Inc. and AT&T Corp. and U.S. v. Verizon Communications Inc. and MCI Inc. He also served on the committee that drafted the 2010 Horizontal Merger Guidelines.

Our extensive network includes top experts from academia and industry.

Ashley Langer

Associate Professor of Economics,
Eller College of Management,
University of Arizona

Ashley Langer is an econometrics, energy, and industrial organization expert. Professor Langer applies sophisticated empirical methods to study regulation, competition, and firm and consumer behavior. She analyzes a range of economic issues, including those involving energy markets, transportation, and the environment. Professor Langer has testified on issues related to class certification and economic damages, including in such high-profile class actions as Guzman et al. v. Polaris Inc. et al. and Garcia et al. v. Volkswagen Group of America Inc. et al.

Professor Langer has analyzed consumer decisions, including those related to the automotive and oil industries. She has evaluated decisions on which vehicles to drive, how preferences form, when and where to purchase fuel, and whether to adopt electric vehicles. She has also investigated the impact of consumer demographic group preferences on vehicle pricing.

In her recent research, Professor Langer has assessed energy and environmental policy design issues. For example, she has analyzed international oil markets and the factors that influence pricing, as well as how Clean Air Act regulatory enforcement affects pollution levels and firms’ investment decisions. Further, she has studied the impact of energy policy on durable goods such as automobiles and residential solar. In particular, Professor Langer has examined how households respond to solar subsidies that change over time, how uncertainty surrounding policy enforcement affects coal power plant retirement and upgrade decisions, and how taxing vehicle mileage (rather than fuel consumption) changes Highway Trust Fund revenues. Her earlier work includes assessing the effect of congestion tolling on urban land use.

Professor Langer’s research has been published in leading academic journals, including the American Economic Review, the Journal of Public Economics, and the Review of Economics and Statistics. She is a research associate at the National Bureau of Economic Research (NBER).

At the University of Arizona, Professor Langer teaches courses in business strategy, empirical research methods, environmental economics, energy and environmental policy, and government regulation. She has been honored with several teaching and advising awards. In addition, Professor Langer presents on industrial organization and empirical research methods, as well as transportation, energy, and environmental topics, at professional conferences and universities in the United States and internationally.

Professor Langer previously taught at the Ford School of Public Policy at the University of Michigan. She was a visiting scholar at Columbia Business School and the Energy Policy Institute of Chicago, University of Chicago.

Antitrust and Competition Capabilities

Our experience in matters involving allegations of anticompetitive horizontal conduct includes cases in which plaintiffs alleged price fixing, agreements to allocate territories or customers, or group boycotts. We have worked on major cases for the joint defense and for individual clients including recent cases involving labor markets, payment cards, energy, pharmaceuticals, financial instruments, and auto parts. In these and other assignments, we have assessed the economic incentives of the alleged participants, tested hypotheses that distinguish competitive from collusive behavior, and assessed the likelihood and quantum of damages.

We have analyzed claims of monopolization, tying, exclusive dealing, and anticompetitive pricing practices, such as loyalty or volume discounts and bundled rebates. We have assessed whether these practices can be attributed to competition among firms, are the result of hard bargaining between buyers and sellers, and have efficiencies that outweigh any potential harm to competition. Our recent experience includes cases involving high-technology products and services, pharmaceuticals, and health insurance.

Cornerstone Research has worked on many direct and indirect purchaser class certification matters. Our case experience and analytical breadth enables us to meet the changing demand for rigorous empirical and conceptual assessment of both the questions of common impact and common proof and of the merits issues that bear on those questions. Recently, we have assisted counsel in antitrust matters involving mobile devices, pharmaceuticals, and employment practices.

We have analyzed the potential competitive effects of horizontal and vertical mergers in the context of government investigations and private litigation in the United States and Europe. We apply economic theory and quantitative economic methods to define relevant markets, identify close competitors, determine competitive interactions, analyze potential price impacts and potential for foreclosure, and assess whether there are efficiencies associated with the proposed collaboration.

Cornerstone Research experts have testified on matters involving failing firm defenses and exiting assets arguments in a number of industries, including healthcare, finance, and technology. Our experts have assisted antitrust authorities in evaluating the merits of failing firm claims and consulted to merging parties arguing the failing firm defense affirmatively. Assessing failing firm arguments from both the enforcement agencies’ and merging parties’ perspectives gives us distinct insight into the rigorous demands of this defense.

Featured Cases

Featured Publications

23 May 2024

Balanced and Transparent Antitrust in the AI Space

The authors examine the role of European Union (EU) competition policy and adjacent EU regulations in the emerging artificial intelligence space.

8 May 2024

Economics Practice Head Honored for Excellence in Leadership among Top Consultants

Consulting Magazine recognizes Bryan Ricchetti for “above-and-beyond” capabilities in the consulting profession.

7 May 2024

Assessing the Potential for Incentives to Raise Prices in Multi-Sided Platform Mergers

The authors review the challenges of assessing anticompetitive pricing incentives in horizontal multi-sided platform mergers.

2 May 2024

Entrenching and Leveraging Market Dominance in the 2023 Merger Guidelines: Insights from Amgen/Horizon

Insights from Amgen/Horizon merger on leveraging market dominance via bundling under 2023 Merger Guidelines.

10 April 2024

Cornerstone Research Staff and Affiliated Expert Win 2024 Antitrust Writing Awards

Concurrences Review recognized winners in the intellectual property and mergers categories, selected from leading antitrust and competition article...

17 March 2024

2023 Merger Guidelines Addressing Potential Impacts on Workers

In this article from The Threshold, the authors recap an American Bar Association panel on theories of labor harm in mergers.

13 March 2024

How A 3-Firm ‘Joint Effort’ Beat A $3.6B Pharma Antitrust Suit

In this Law360 article, counsel discusses Celeste Saravia’s pivotal role as the economic expert in a pharmaceutical antitrust lawsuit.

1 March 2024

Algorithms, Artificial Intelligence, and Antitrust: An Overview

This article discusses the implications of the use of AI-powered algorithms on consumers and competition.

23 February 2024

Cornerstone Research Shortlisted for 2024 GCR Awards

Global Competition Review recognizes the firm’s work on high-profile 2023 matters, and shortlists Celeste Saravia as Economist of the Year.

20 February 2024

Brussels Team Expands with Experienced Competition Hire

Dr. Norbert Maier joins Cornerstone Research, with deep antitrust law and competition expertise from the EU Commission DG COMP team.

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