International Arbitration and Litigation

René M. Stulz

Everett D. Reese Chair of Banking and Monetary Economics,
Director, Dice Center for Research in Financial Economics,
Fisher College of Business,
The Ohio State University

René Stulz is a leading finance expert, whose work focuses on corporate finance, risk management, derivatives, securities, financial institutions, and valuation. Professor Stulz has provided expert testimony in U.S. federal and state courts, U.S. and international arbitrations, the London High Court of Justice, and the Federal Court of Australia.

Professor Stulz’s findings have provided the foundation for favorable rulings in motion practice and on damages. His expert testimony played a key role in class certification and summary judgment in a number of high-profile matters, including In re BP p.l.c. Securities Litigation and In re Moody’s Corporation Securities Litigation.

He has testified in many securities class actions, as well as matters related to mortgage-backed securities and collateralized debt obligations (CDOs), bankruptcy, derivatives, cross-border transactions, alleged state discriminatory practices against investors, hedge fund and pension fund management, fixed-income securities, insurance contracts, taxes, and breach of contract allegations.

Professor Stulz was president of the American Finance Association, edited the Journal of Finance, and co-edited the Journal of Financial Economics. He wrote the textbook Risk Management and Derivatives, has edited several books, and has published more than one hundred papers in finance and economics journals. The Journal of Applied Corporate Finance dedicated its winter 2022 issue to Professor Stulz’s research, republishing his notable articles on globalization, corporate finance, and risk management.

Thomson Reuters includes Professor Stulz in its list of the world’s most influential scientific minds. He is one of the most highly cited scholars in financial economics. Lexology Index (formerly Who’s Who Legal) has recognized Professor Stulz as a leading expert witness in legal arbitration and a recommended consulting expert in assessing the quantum of damages in the financial advisory and valuation field.

Professor Stulz is a bank director and a trustee of the Global Association of Risk Professionals. He has consulted for the International Monetary Fund, the World Bank, the New York Stock Exchange, the Federal Reserve Bank of New York, and various corporations and law firms. Professor Stulz is also a research associate of the National Bureau of Economic Research (NBER) and a fellow of the European Corporate Governance Institute. At the NBER, he directs the research group on the risks of financial institutions.

Gary J. Levin

Former Risk and Financial Advisory Partner,
Forensic Practice,
Deloitte Financial Advisory Services LLP

Gary Levin is an accounting and auditing expert with over four decades of experience in financial statement audits, litigation and disputes, corporate investigations, and consulting. Mr. Levin is a certified public accountant (CPA) whose expertise includes matters involving U.S. Generally Accepted Accounting Principles (GAAP) and U.S. Generally Accepted Auditing Standards (GAAS). He has submitted expert reports on various issues and testified in numerous depositions, trials, and arbitrations.

In litigation and other disputes, Mr. Levin has been retained as an expert witness to address accounting irregularities, accountant liability, damages, and due diligence issues. He has provided expert testimony in matters involving revenue recognition, percentage of completion accounting, the value of inventory and associated reserves, intangible assets, goodwill, stock options, and accounting for subsequent events, among others.

In addition, Mr. Levin has consulted on accounting and audit arbitrations in over 150 purchase price disputes, addressing accounting treatment and disputes related to working capital and earn-out provisions. In these matters, he has often served as arbitrator or mediator. Mr. Levin has also conducted forensic investigations focused on alleged asset misappropriation, channel stuffing, manipulation of accounting records, insider trading, and executive and corporate fraud.

For fifteen years, Mr. Levin led Deloitte’s Litigation and Dispute Practice and served as a financial advisory services partner in the firm. Previously, he was an audit partner at Arthur Andersen and Deloitte, leading over 500 audits of private and public companies and serving in the audit practice for almost twenty-five years. Mr. Levin’s industry expertise includes automotive, broadcasting, manufacturing, professional services, retail, and wholesale distribution.

Carlyn Irwin

Senior Advisor

Carlyn Irwin is an economic damages and forensic accounting expert with over thirty years of expert witness testimony and litigation consulting experience. She specializes in intellectual property (IP), breach of contract/tort claims, financial forensic analyses, and investigations.

In addition to her expertise in calculating damages, Ms. Irwin has extensive forensic accounting experience. The Securities and Exchange Commission (SEC) has retained her to analyze financial records in matters involving flow of funds, potential asset misappropriation, and Ponzi schemes. She has provided expert testimony in federal, state, and international courts and arbitration settings.

Lexology Index (formerly Who’s Who Legal) has recognized Ms. Irwin as a leading forensic accountant in the legal investigations space, describing her as “extremely thoughtful” and citing her “detail-oriented approach” and “meticulous analysis.” A certified public accountant and certified fraud examiner, she is also certified in financial forensics, in entity and intangible valuations, and accredited in business valuation.

IP disputes

Ms. Irwin testifies on damages claims in patent, trademark, and copyright infringement matters, including multiple federal trials involving trade secret misappropriation damages. She has estimated lost profits, unjust enrichment, and reasonable royalty damages, and analyzed loss causation, apportionment issues, and the implications of “Most Favored Licensee” clauses. Her experience includes:

• Analyzing patent and trade secret damages under Georgia-Pacific, Panduit, and University Computing
• Valuing intangible assets such as patents, trade secrets, trademarks, assembled workforces, non-competition provisions, and client relationships
• Consulting on licensing programs and pre-litigation patent matters

Contract and tort claims

Ms. Irwin analyzes and testifies on loss causation and damages in matters alleging breach of fiduciary duty, product liability, alter ego, Lanham Act violations, false advertising, unfair business competition, and defamation. She has also evaluated compensatory damages and claims for statutory and restitution or disgorgement damages. Ms. Irwin has:

• Served as an expert in high-profile matters involving discrimination claims, as well as allegations of aiding and abetting illegal conduct and violations of federal law
• Provided affirmative and rebuttal trial testimony in calculating damages, including analysis of loss causation issues, and opining on definitions of the but-for world
• Testified in class action matters regarding damages at the pre-certification stage
• Analyzed liability issues in matters alleging breach of fiduciary duty and discrimination

Financial forensic analysis

As a certified financial forensic accountant, Ms. Irwin has extensive experience with reconstructing and confirming financial records, tracing transactions through corporate reporting systems, and reviewing financial records (including tax returns) to assess consistency and reliability. She has consulted on civil and criminal white collar litigation, as well as matters alleging fraudulent conveyances, breach of contract, money laundering and racketeering (RICO), pyramid schemes, and fraud.

In her forensic accounting testimony, Ms. Irwin has addressed allegations related to solvency, financial misstatements, fraudulent/preferential transfers and schemes, and misappropriation of assets. Her work includes:

• Testifying at deposition and trial regarding affirmative defenses that plaintiffs had falsely reported their financial condition
• Retentions by multiple financial institutions to analyze financial transactions allegedly used to launder money and/or facilitate fraudulent customer schemes
• Assessing companies’ solvency and the “reasonable equivalent value” of allegedly fraudulent transfers/conveyances pre-bankruptcy
• Analyzing legal fees and costs for post-judgment reimbursement by the prevailing party

Ms. Irwin’s industry experience includes consumer products, e-commerce, entertainment, financial and professional services, healthcare, life sciences, medical devices, medical services, real estate, retail, software, software as a service (SaaS), sports, and technology. She works with clients and counsel in all phases of the litigation process.

Community engagement

Ms. Irwin is president and member of the board of directors for her local chapter of the National Charity League Inc. She previously served as treasurer and compliance officer.