Jennifer McCabe heads Cornerstone Research’s Washington, DC office. She has consulted on a variety of issues related to large financial institutions, including regulatory investigations and consumer class actions involving consumer finance issues, and regulatory investigations and civil litigation related to manipulation of financial markets. She has extensive experience working with a variety of different types of large, complex transactional datasets from financial institutions. Ms. McCabe has also addressed financial issues in cases involving a variety of other sectors. She supports experts in preparing for deposition and trial testimony.
In her work involving consumer finance, she has:
- Assisted consumer financial services firms facing regulatory enforcement actions to develop remediation proposals for settlement negotiations
- Analyzed damages and consumer expectations issues in a consumer finance class action arising from a change in credit card terms by one of the largest credit card issuers in the United States
- Directed analysis in support of the independent consultant appointed by the SEC to calculate the distribution of market timing settlement funds to individual shareholders of U.S. mutual funds
- Estimated damages exposure related to debit card overdraft fee litigation on behalf of multiple U.S. financial institutions
- Assisted a large U.S. retail bank facing multiple Telephone Consumer Protection Act class actions to develop estimates of class size and to analyze questions related to “prior express consent,” providing deposition testimony during confirmatory discovery about the methods and procedures followed to determine class size
In cases related to market manipulation, Ms. McCabe has:
- Analyzed trading in interest rate derivatives by a major multinational bank under investigation in several countries for possible manipulation of LIBOR and similar financial benchmarks.
- Analyzed and developed rebuttal arguments regarding antitrust claims, market manipulation claims, and contract claims brought in civil cases
- Analyzed trading in foreign exchange products by one of the top foreign exchange broker-dealers facing multinational investigations of collusion and manipulation of foreign exchange markets
- On behalf of a natural gas trading company, analyzed pipeline operations and natural gas trading activity in the Western United States during the time of the California energy crisis to assess allegations of market manipulation
In other finance and securities matters, she has:
- Analyzed potential damages relating to a structured hedge fund investment on behalf of a major international financial institution, working with a financial expert to prepare and deliver testimony before a FINRA arbitration panel regarding damages issues, and assisting attorneys to develop opening and closing arguments and cross questions for opposing experts
- On behalf of a large U.S. electric generator facing a class action securities lawsuit, assessed internal valuations and marks for multibillion dollar structured power contracts and the impact of these valuations on the company’s financial statements
- Examined agreements undertaken by the local manager of certain Brazilian private equity investments to determine whether the agreements were detrimental to the client’s interests, analyzing valuation of voting rights and other control provisions in the shareholder agreements of a Brazilian telecom company
- Performed a valuation analysis of a freight forwarding and logistics company on behalf of a private equity investor accused of misrepresenting the financial condition of the company in a sale
- Assessed the trading in a multimillion dollar municipal bond investment account to determine if the account was churned
- Analyzed market efficiency, loss causation, and damages in several 10b-5 securities cases
Jennifer McCabe is a member of Cornerstone Research’s Diversity, Equity & Inclusion Council. Prior to joining the firm, she worked for the Department of Commerce, investigating potential violations of U.S. and international trade law.
Expert Forum: Regulatory Actions Related to Market Abuse
Consumer Complaints to the CFPB: Historical and Emerging Trends