Paul Zurek specializes in matters related to financial markets, securities, risk management, valuation, complex data, and statistical and econometric analysis.
Dr. Zurek has more than a decade of consulting experience, including as an expert witness. He has submitted numerous expert reports and declarations, and testified in depositions, arbitration, and regulatory investigations. In addition to serving as an expert witness, Dr. Zurek supports clients and leads large analytical teams in government and regulatory inquiries, civil litigation, and international arbitration. He works with academic and industry experts at all stages of litigation, and has significant trial experience, both in the U.S. and internationally.
Dr. Zurek’s expertise spans industries that include banking, hedge funds, investment management, manufacturing, private equity, pharmaceuticals and biotech, retail, technology, telecommunications, and transportation. Dr. Zurek has also been engaged on pro bono matters on behalf of organizations such as the ACLU and Children’s Rights.
- Analyze equity, fixed income, and foreign exchange (FX) markets, both exchanges and over-the-counter (OTC) markets
- Analyzed alleged fraudulent trading, including developing algorithms to identify unauthorized trading and computing damages
- Assessed high-frequency trading models and examined trading patterns related to alleged market manipulation and short squeezes
- Analyzed transaction execution and issues related to best execution
- Analyzed market participant behavior and trading in antitrust litigations alleging collusive behavior by dealers
- Assess Section 10b-5, 11, and 12 matters, analyzing market efficiency, price impact, loss causation, and damages at class certification and merits stages
- Addressed issues involving both domestic and foreign defendants, including control person and insider trading claims
- Supported multiple experts in In re BP p.l.c. Securities Litigation, which resulted in class certification being denied for the first time on Comcast grounds
Risk management and derivatives
- Analyzed complex derivative transaction risks
- Evaluated market, operational, and compliance risk management procedures at financial institutions
- Quantitatively analyzed risks embedded in financial portfolios using Value-at-Risk (VAR) and simulation methods
- Evaluated risks and returns of hedge fund, private equity, and mutual fund investment strategies
- Evaluated rating agency models of default in collateralized debt obligation (CDO) portfolios
- Value companies and financial institutions in commercial disputes, appraisal and bankruptcy proceedings, arbitration, in federal and state court and in Cayman Islands appraisal matters
- Valued a large portfolio of OTC derivatives in an International Swaps and Derivatives Association (ISDA) close-out
- Valued hedge fund and private equity managers, fintech, and pharmaceutical and biotech companies
Complex data analysis
- Designed econometric models of mortgage default and performed damages calculations in residential mortgage-backed securities litigation
- Analyzed the impact of an online home-sharing platform on housing market prices
- Performed statistical sampling in litigation alleging discrimination in university admissions
- Assisted clients with discovery and production of large and complex datasets
Dr. Zurek coauthored a chapter titled “Market Approach or Comparables,” which appears in multiple editions of the Guide to Damages in International Arbitration, published by the Global Arbitration Review. He also coauthored a chapter on mutual fund returns and strategies in Commodities: Markets, Performance, and Strategies, published by Oxford University Press.
Dr. Zurek is a fellow at the Wharton Financial Institutions Center at the University of Pennsylvania. Previously, he worked as an analyst in mergers and acquisitions at a global investment bank and taught courses in economics and finance to undergraduate and MBA students and executives.