David Zuluaga consults on a range of economic and financial issues, with a focus on investment management and regulatory investigations. He has also worked on securities litigation, financial market microstructure, and matters involving consumer financial products.
With over a decade of experience in analyzing class certification, liability, and economic damages issues, Mr. Zuluaga supports attorneys and experts in regulatory and internal investigations, civil litigation, and criminal litigation. He has consulted on matters in state and federal courts, including the Delaware Court of Chancery, as well as cases involving the U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange Commission (SEC).
Investments and ERISA
Mr. Zuluaga has analyzed a range of investment issues, including plan structures, performance, asset allocation, selection and monitoring, company securities, and class certification. His experience includes:
- Performance of mutual funds and other investment products relative to benchmarks
- Reasonableness of investment fees and retirement plan costs
- Risk of hedge fund, private equity, and other alternative asset investments
- Plan structure and damages for Employee Stock Ownership Plans (ESOPs)
Regulatory investigations and white-collar litigation
Across a range of financial markets, Mr. Zuluaga has evaluated alleged market manipulation and trading conduct claims, price impact, and trading and hedging strategies. Representative experience includes:
- Spoofing in U.S. Treasury cash and futures markets
- Banging the close and coordinated trading in post-IPO equity markets
- Estimating economic exposure in anti-money laundering investigations
Securities
Mr. Zuluaga has addressed class certification, market efficiency, loss causation, and damages in securities cases involving stocks, bonds, and options. His experience includes:
- Section 10b and Section 11 litigation related to market efficiency (including meme stock issues), price impact, and damages at the class certification and merits stages
- Insider trading claims in federal and Delaware Chancery court
Before joining Cornerstone Research, Mr. Zuluaga worked at the Bank of Canada.