Heather B. Lazur



  • Boston


Heather Lazur specializes in matters involving financial instruments, retirement plans, investment management and performance, and mutual funds. Ms. Lazur has extensive experience with securities class actions, including addressing both class certification and merits related issues. She has conducted valuations of companies, business units, and products, and calculated lost profits in the asset management, chemicals, financial services, and pharmaceuticals industries, among others. Ms. Lazur works with clients in all phases of litigation, and leads teams to support expert witnesses in trial and arbitration.

Ms. Lazur has experience in government investigations involving the Foreign Corrupt Practices Act and financial institutions, particularly in analyzing trading models and the cost of capital. She plays an active role in the firm’s research on Securities and Exchange Commission enforcement actions, and has coauthored numerous Cornerstone Research publications on this subject.

Securities class actions

Ms. Lazur has worked on numerous securities class actions. Her experience includes:

  •  Analyzing market efficiency for stocks and bonds
  • Addressing price impact and Comcast standards
  • Evaluating loss causation and damages
  • Preparing analysis to be used in settlement discussions

Ms. Lazur has assessed issues involving defined contribution and defined benefit plans. Her work has included assessing the investment behavior of plan participants and the frequency of investment and allocation changes. She has analyzed claims related to:

  • Fund selection
  • Investment in company stock
  • Fees (including investment management, recordkeeping, and administrative)
  • Defined benefit plan distributions
Investment management and mutual funds

Ms. Lazur analyzes a range of issues related to mutual funds and investment management. She has analyzed mutual fund fees, evaluated services provided by advisors and subadvisors, determined the “but for” composition of portfolios, and assessed the risk profile of investments and portfolios, among others. Ms. Lazur has also estimated damages arising from:

  • Allegations of portfolio mismanagement
  • Market timing in mutual funds
  • Investments in mortgage-backed securities (MBS) and other mortgage-related instruments

SEC Enforcement Activity: Public Companies and Subsidiaries—Fiscal Year 2023 Update


SEC Enforcement Activity: Public Companies and Subsidiaries


Arkansas Teacher Retirement System et al. v. Goldman Sachs Group Inc. et al.


Indiana Public Retirement System v. AAC Holdings et al.


The Hertz Corporation et al. v. Frissora et al.


SEC Enforcement Activity: Public Companies and Subsidiaries—Fiscal Year 2022 Update


SEC Enforcement Activity: Public Companies and Subsidiaries—Fiscal Year 2021 Update


Mooney et al. v. Diversified Business Communications et al.