NERA will host the post-event cocktail reception. To attend this event or to learn more, please visit the GAR website or contact Angela McLean at angela.mclean@nera.com.

Learn more and register for this webcast via The Knowledge Congress.

Learn more and register for this webcast via the Securities Docket website.

During the webcast, the panel will discuss relevant economic theories and court decisions and offer substantive information regarding their implications on the presumption of reliance in securities fraud cases, as well as class certification proceedings and materiality. In addition, the panel will provide practical guidance to effectively use FOTM or counter its application in a securities fraud case. A live Q&A session will be included in this event.

Learn more and register for this event via The Knowledge Congress website.

Learn more and register for this audiocast via the Securities and Exchange Commission Historical Society.

Economists from NERA's Japan and US offices will introduce the use of economic analysis in fields including antitrust, intellectual property, and securities and finance. In addition, Mr. Toshiaki Tada from Hibiya Sogo Law offices and Mr. Kohei Yoshimine from Tanabe & Partners will discuss the application of economic analysis in legal issues from a lawyer's point of view. We will provide simultaneous interpretation between Japanese and English. The program will conclude with a panel discussion to answer the questions raised by participants prior to the seminar. A reception will follow the discussion.

Program:

Survey Research in Business Disputes: From Intellectual Property and Antitrust to General Business Litigation
Naoya Kaneko, NERA Consultant, Tokyo

Patent Litigation in the United States
Dr. Alan Cox, Senior Vice President and Chair of NERA's Intellectual Property Practice, San Francisco

An Economic Analysis of Securities Class Action Litigation in the US—–Trends after the Financial Crisis
Kisa Kiya, NERA Consultant, Tokyo

Economic Analysis of Damages Calculations: A Cross-sectional Approach
Hiroaki Ishigaki, NERA Vice President, Tokyo

The Application of Statistical and Economic Analysis in Litigation in Japan: Case Study and Points in Practice
Kohei Yoshimine, Lawyer, Tanabe & Partners

US Department of Justice (DOJ) Investigations of Foreign Cartels with Complex Supply Chains
Dr. Graeme Hunter, NERA Vice President, New York City

Antitrust Law Practice and Economic Analysis
Toshiaki Tada, Partner, Hibiya Sogo Law Offices

Learn more and register for this event.

Learn more via the COMTO website.

During this webcast, a panel of experts examined recent bankruptcy case decisions and assessed their implications on financial and accounting analysis, as well as valuation. Among the cases the panel discussed were two recent decisions from bankruptcy courts in the influential Second (In re AMR Corp.) and Third (In re School Specialty, Inc.) Circuits that reviewed the issue of whether a lender extending credit to a company is entitled to a contractual "make-whole" premium when the borrowing company commences a bankruptcy proceeding and seeks to prepay its obligations. In the AMR opinion, Judge Lane held that certain prepetition financing transactions did not require payment of a "make-whole" premium where the obligations were accelerated due to the bankruptcy filing. The appeal was scheduled for oral argument but it will likely take some time for the Second Circuit to rule on the appeal. These two contrasting bankruptcy court decisions were examined to assess the relevance of make-whole premiums.

The panel also examined default rate interest (both pre- and post-payment), and whether agreements are enforceable as a matter of state law. Cases discussed on this topic included General Growth Properties in New York and the Charles Street African Methodist Episcopal Church bankruptcy matter in Boston. Finally, the panel addressed recent trends in valuation methodologies, the use of experts in bankruptcy litigation and what the courts' decisions regard fair market value and reasonable equivalent value questions. The panel discussed valuation decisions In re TOUSA, Inc. and In re Chemtura Corporation.

Speakers:

• John Garvey, Senior Vice President, NERA Economic Consulting
• Geraldine Ponto, Partner, BakerHostetler
• Stephen Selbst, Partner and Chair, Bankruptcy Practice Group, Herrick, Feinstein LLP

Moderator:

• Dr. Faten Sabry, Senior Vice President, NERA Economic Consulting

The webcast concluded with a Q&A session. To learn more, please visit the West LegalEdcenter website.

The 800 MHz spectrum band is being made available across Europe for roll-out of next-generation wireless broadband services. On 1 July, the BIPT published the Information Memorandum which details the terms associated with the licences, including incentives available to new mobile operators, and the auction format. A total of three licences are available, each consisting of 2x10 MHz of spectrum, available for a 20-year term. Each applicant may acquire at most one licence, at a minimum price of €120 million. The auction features relaxed coverage conditions for new operators, guaranteed national roaming for new operators, and an option to obtain additional spectrum in the 2.6 GHz band. The auction will use the simultaneous multiple-round ascending bid ("SMRA") format, similar to that used for previous awards of spectrum in Belgium and throughout Europe.

The BIPT invites all interested parties to apply to participate in the auction. The auction is open to any organization that fulfills the application requirements. Application information, key documents, and further information on the auction is available on the auction website, www.auction2013.be.

About NERA

NERA Economic Consulting (www.nera.com) is a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges. For half a century, NERA's economists have been creating strategies, studies, reports, expert testimony, and policy recommendations for government authorities and the world’s leading law firms and corporations. We bring academic rigor, objectivity, and real world industry experience to bear on issues arising from competition, regulation, public policy, strategy, finance, and litigation.

NERA's clients value our ability to apply and communicate state-of-the-art approaches clearly and convincingly, our commitment to deliver unbiased findings, and our reputation for quality and independence. Our clients rely on the integrity and skills of our unparalleled team of economists and other experts backed by the resources and reliability of one of the world's largest economic consultancies. With its main office in New York City, NERA serves clients from more than 20 offices across North America, Europe, and Asia Pacific.

Dr. Tan is the Chair of the Economics Department in the Hanqing Advanced Institute of Economics and Finance at Renmin University of China. An experienced consultant, his areas of advisory and analytical services include industrial organization, applied econometrics, antitrust economics, merger analysis and consumer finance.

Previously, Dr. Tan was an Assistant Professor in the Economics Department at the State University of New York at Stony Brook. He has also taught courses on mathematics at Johns Hopkins University, where he has held a graduate fellowship for five years. He has extensive consulting experience.

"We are thrilled that Wei has agreed to affiliate with NERA," said NERA President Dr. Lawrence Wu. "Wei's wealth of academic experience, particularly regarding the economics of antitrust, as well as his deep knowledge of industrial organization and econometrics, will greatly benefit NERA's clients worldwide. “

Dr. Tan has presented at international conferences and published widely on these topics in peer-reviewed international journals such as the Review of Industrial Organization, Eastern Economic Journal, Annals of Economics and Finance, and Competition Policy International.He has been the referee for leading international journals such as American Economic Review, Econometrica, and the RAND Journal of Economics. Dr. Tan holds a PhD in economics from Johns Hopkins University, an MA in economics from the University of Miami, and a BA in economics from Wuhan University. 

About NERA

NERA Economic Consulting (www.nera.com) is a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges. For half a century, NERA's economists have been creating strategies, studies, reports, expert testimony, and policy recommendations for government authorities and the world's leading law firms and corporations. We bring academic rigor, objectivity, and real world industry experience to bear on issues arising from competition, regulation, public policy, strategy, finance, and litigation. NERA's clients value our ability to apply and communicate state-of-the-art approaches clearly and convincingly, our commitment to deliver unbiased findings, and our reputation for quality and independence. Our clients rely on the integrity and skills of our unparalleled team of economists and other experts backed by the resources and reliability of one of the world's largest economic consultancies. With its main office in New York City, NERA serves clients from more than 20 offices across North America, Europe, and Asia Pacific.

Learn more via the PLI website.

With more than 250 participants in 2012, the European Spectrum Management Conference has an established reputation as the leading event of the year for spectrum professionals throughout the region and beyond. As in previous years, the 2013 conference brought together representatives from all the major stakeholders for a detailed and interactive discussion on key issues and developments relating to spectrum management policy in Europe.

On the first day of the conference, NERA Vice President Richard Marsden chaired and moderated a discussion on spectrum licence renewals and pricing. Regulators going through a licence renewal process essentially have three options: reassign some or all of the spectrum to the current holder of that spectrum; reassign some or all of the spectrum to another category of users or a particular user through administrative action; or re-auction the spectrum, inviting both the current holder and other potential users to bid for the rights for future use. This session examined the positive and negative aspects of each of these three approaches, and how regulators can ensure they are respecting the rights of existing licence holders and other potential users while also maximising economic and societal benefits.

Learn more about the The 8th Annual European Spectrum Management Conference.

Learn more via the CRRI website.

Learn more via the Center for the Study of Financial Regulation.

Dr. LaCasse replaces Mike King, who has announced his retirement from NERA. Mr. King will remain with the firm as a Special Consultant.

"On behalf of all of us at NERA, I would like to thank Mike for his exceptional service to the firm as Practice Chair," said NERA President Dr. Lawrence Wu. "He has been instrumental in building the EEN Practice into the global leader it is today. I look forward to working with Chantale in continuing and building on Mike’s great work."

Dr. LaCasse has extensive experience in matters related to competition, regulation, and market design, and has played a central role in expanding NERA's Auctions Practice. She specializes in the design and implementation of auctions, procurement, and bidding processes. She provides advice to governments, regulatory agencies, and utilities, and has testified as an expert witness before state regulatory commissions and regulatory agencies. Dr. LaCasse has advised on all aspects of the design and implementation of competitive bidding processes, and has helped clients in a variety of areas, including capacity markets, renewable energy, solar generation projects, allocation of radio spectrum, and legal services. She has worked with clients around the world, including the United States, Canada, Spain, Ireland, Belgium, and Singapore.

Before joining NERA in 2001, Dr. LaCasse was an established academic in Canada and conducted research in antitrust, auctions, and other issues in economic policy. She held the TD MacDonald Chair at the Canadian Competition Bureau. She holds a PhD and MA in economics from the University of Western Ontario, as well as a BA in mathematics and a BSocSc in economics from the University of Ottawa.

About NERA

NERA Economic Consulting (www.nera.com) is a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges. For half a century, NERA's economists have been creating strategies, studies, reports, expert testimony, and policy recommendations for government authorities and the world's leading law firms and corporations. We bring academic rigor, objectivity, and real world industry experience to bear on issues arising from competition, regulation, public policy, strategy, finance, and litigation.

NERA's clients value our ability to apply and communicate state-of-the-art approaches clearly and convincingly, our commitment to deliver unbiased findings, and our reputation for quality and independence. Our clients rely on the integrity and skills of our unparalleled team of economists and other experts backed by the resources and reliability of one of the world's largest economic consultancies. With its main office in New York City, NERA serves clients from over 20 offices across North America, Europe, and Asia Pacific.

Mr. Shuttleworth's presentation is available for download here.

Learn more via the DRI International website.

For more information, please refer to the MCWG brochure, agenda, and registration form located in the right-hand column of this page.

Mr. Garvey has testified on or directed complex litigation matters regarding fraud and forensic accounting, accounting restatements and financial statement reconstruction, securities fraud, accounting irregularities, merger and acquisition disputes, derivative disputes, professional liability, bankruptcy and solvency, business valuation, and general damages issues. He has represented numerous companies and individuals before regulatory bodies including the Securities and Exchange Commission, the Department of Justice, and the Commodity Futures Trading Commission.  Prior to joining NERA, Mr. Garvey was a Managing Director in the Disputes and Investigations practice at Navigant Consulting. He is the former President of Chicago Partners, which was sold to Navigant in May 2008. Mr. Garvey also served as the Segment Leader of Navigant Economics from May 2008 through February 2012.

"John’s significant consulting and testimonial experience in complex accounting and board directed investigations adds a significant senior resource to NERA’s roster of experts. In addition, his background leading complex bankruptcy and accounting investigations makes him an invaluable addition to NERA's Securities and Finance Practice,” said Dr. Lawrence Wu, NERA's President. “He brings a wealth of practical expertise in the analysis of fraud and accounting irregularities that will be a tremendous asset to NERA's clients."

Mr. Garvey is a Certified Public Accountant (CPA). He is a member of the Association of Certified Fraud Examiners and the American Institute of Certified Public Accountants. He holds an MBA in finance from the University of Chicago, and a BB in accounting from Western Illinois University.

About NERA

NERA Economic Consulting (www.nera.com) is a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges. For over half a century, NERA's economists have been creating strategies, studies, reports, expert testimony, and policy recommendations for government authorities and the world’s leading law firms and corporations. We bring academic rigor, objectivity, and real world industry experience to bear on issues arising from competition, regulation, public policy, strategy, finance, and litigation.

NERA's clients value our ability to apply and communicate state-of-the-art approaches clearly and convincingly, our commitment to deliver unbiased findings, and our reputation for quality and independence. Our clients rely on the integrity and skills of our unparalleled team of economists and other experts backed by the resources and reliability of one of the world's largest economic consultancies. With its main office in New York City, NERA serves clients from more than 20 offices across North America, Europe, and Asia Pacific.
 

Learn more via the PURC website.

Please feel free to request a copy of Dr. Tuladhar's presentation via the link below.

Moderator:

Dr. Lawrence Wu, President, NERA Economic Consulting

Speakers:

Dr. Chetan Sanghvi, Senior Vice President, NERA Economic Consulting; former Economics  Advisor to the Office of Commissioner Brill, Federal Trade Commission
Chetan Sanghvi recently rejoined NERA from the Federal Trade Commission, where he served as the Commission's expert economist in matters on a litigation track and was an economics advisor to the office of Commissioner Brill. While at the FTC, he also was the lead economist on an inter-agency Presidential task force on pricing and competition in the oil industry, and provided technical aid and training to the Competition Commission of India. His work covered numerous industries, including health care, pharmaceuticals, medical devices, search engines and the Internet, consumer and industrial products, entertainment, and retail services. Previously, he held senior positions at several economic consulting firms, and was an economist within the FTC's Bureau of Economics.

Darren Tucker, Senior Competition Advisor to Commissioner Joshua D. Wright, Federal Trade Commission; Partner, Bingham McCutchen LLP (effective 1 July)
Darren Tucker is senior competition adviser to FTC Commissioner Joshua D. Wright and previously served as the senior competition adviser to former FTC Commissioner J. Thomas Rosch. In that role, Mr. Tucker reviews and analyzes staff recommendations on all aspects of the FTC’s competition mission. Mr. Tucker was the principal drafter of the agency’s liability decision in In the Matter of North Carolina Board of Dental Examiners and the closing statement for ESI/Medco. He also helped develop the 2010 Horizontal Merger Guidelines and the FTC’s antitrust enforcement statement governing accountable-care organizations that service Medicare patients under the Affordable Care Act. Mr. Tucker will be joining Bingham McCutchen as a partner on 1 July.

Michael Weiner, Partner and Co-Chair, Antitrust/Competition Group, Dechert LLP
Michael Weiner is co-chair of Dechert's antitrust/competition group. He provides strategic advice, resolves government investigations, and effectively litigates for clients with antitrust issues in a broad range of industries. He is a frequent speaker and author on a wide range of antitrust/competition issues, and currently serves on the editorial board of World Competition Law and Economics Review. He is also the former editorial chair of Antitrust magazine, as well as a former Council Member and Officer of the ABA's Antitrust Section. Mr. Weiner has been named a national and New York "litigation star" in Benchmark Litigation, "recommended" in Legal 500, and listed in Chambers Global, Who's Who Legal, International Who's Who of Competition Lawyers, and Global Counsel Handbooks' Competition Law, as well as in The Best Lawyers in America.

To learn more, please contact Angela McLean at angela.mclean@nera.com.

The authors find that the asbestos liabilities of solvent firms were relatively unchanged in 2012 compared to 2011. In last year's update, the authors reported that average dollars per resolved claim had increased dramatically, rising 75% relative to the average cost of a resolved claim in 2010. But NERA's analysis attributed the increase to a changing disease mix of the resolved claims, rather than an increase in firms' asbestos liabilities.

The results observed over the past year are consistent with NERA's conclusions from the 2011 data, indicating a sustained shift in the disease mix rather than a worsening of firms' total liabilities. In 2012, average dollars per resolved claim continued to remain high, but the higher average settlement costs have not led to higher total settlement payments or increased filings. Reserves have also remained at levels established since approximately 2004.

Learn more via the ABA.

NERA is a sponsor of IP Strategy Summit: Enforcement.

As part of the conference, NERA Consultant Helen Smith presented a paper on access pricing challenges in postal markets. The paper explains why postal regulators face a unique set of challenges in regulating access prices, and discusses whether there is anything that regulators can learn from experiences in other industries, including water and telecommunications. In addition, Associate Director Stuart Holder acted as a discussant in a session on the universal service obligation (USO), which included papers on applying a cost-benefit approach to specifying the USO in the UK, and alternative USO financing mechanisms for the US postal market.

Moderator:

Dr. Lawrence Wu, President, NERA Economic Consulting

Speakers:

William Kolasky, Partner, WilmerHale LLP; former  Deputy Assistant Attorney General in the Antitrust Division, US Department of Justice
William Kolasky is a partner in WilmerHale’s Regulatory and Government Affairs Department, and a former chair of the firm's Antitrust and Competition Practice Group. Mr. Kolasky has been practicing antitrust law in Washington, DC for over 35 years and served as Deputy Assistant Attorney General in the Antitrust Division of the US Department of Justice. While at Justice, he was one of the architects of the International Competition Network, a network of over 100 competition authorities worldwide designed to promote great international cooperation and convergence among those authorities. He is the most recent recipient of Global Competition Review's Lifetime Achievement Award.

Dr. Chetan Sanghvi, Senior Vice President, NERA Economic Consulting; former Economics  Advisor to the Office of Commissioner Brill, Federal Trade Commission
Chetan Sanghvi recently rejoined NERA from the Federal Trade Commission, where he served as the Commission's expert economist in matters on a litigation track and was an economics advisor to the office of Commissioner Brill. While at the FTC, he also was the lead economist on an inter-agency Presidential task force on pricing and competition in the oil industry, and provided technical aid and training to the Competition Commission of India. His work covered numerous industries, including health care, pharmaceuticals, medical devices, search engines and the Internet, consumer and industrial products, entertainment, and retail services. Previously, he held senior positions at several economic consulting firms, and was an economist within the FTC’s Bureau of Economics.

Darren Tucker, Senior Competition Advisor to Commissioner Joshua D. Wright, Federal Trade Commission; Partner, Bingham McCutchen LLP (effective 1 July)
Darren Tucker is senior competition adviser to FTC Commissioner Joshua D. Wright and previously served as the senior competition adviser to former FTC Commissioner J. Thomas Rosch. In that role, Mr. Tucker reviews and analyzes staff recommendations on all aspects of the FTC’s competition mission. Mr. Tucker was the principal drafter of the agency’s liability decision in In the Matter of North Carolina Board of Dental Examiners and the closing statement for ESI/Medco. He also helped develop the 2010 Horizontal Merger Guidelines and the FTC’s antitrust enforcement statement governing accountable-care organizations that service Medicare patients under the Affordable Care Act. Mr. Tucker will be joining Bingham McCutchen as a partner on 1 July.

To learn more, please contact Angela McLean at angela.mclean@nera.com.

This article is © Emerald Group Publishing and permission has been granted for this version to appear here (http://www.nera.com/67_8111.htm). Emerald does not grant permission for this article to be further copied/distributed or hosted elsewhere without the express permission from Emerald Group Publishing Limited (www.emeraldinsight.com).

White collar criminal prosecutions continue to dominate the legal landscape and the headlines. The White Collar Criminal Law Committee assembled a comprehensive full-day program that explored critical developments that have characterized this new era of white collar enforcement. Keynote speakers included Cyrus R. Vance, Jr., Manhattan District Attorney, and Loretta E. Lynch, United States Attorney for the Eastern District of New York. Panels included senior government enforcement officials, judges, academics, general counsel of leading New York-based corporations and financial institutions, and top practitioners in the field.

Learn more via the New York City Bar website.

Learn more via the PLI website.

Learn more via the Ener4orum website.

Carl Shapiro, the Transamerica Professor of Business Strategy in the Haas School of Business at the University of California at Berkeley, served as keynote speaker. Dr. Shapiro served as a Member of the President's Council of Economic Advisers during 2011-12. For the two years immediately prior to that, he was the Deputy Assistant Attorney General for Economics at the Antitrust Division of the US Department of Justice; he also held that position during 1995-96.

Learn more via the IOS website.

Learn more via the AAPOR website.

Learn more via The Knowledge Congress website.

Within this context, the EA commissioned NERA to review the experience of transitions to market-based approaches in selected other sectors and countries. The review took the form of case studies, covering a wide range of experiences, such as tradable quotas in fisheries, airport slots trading, emissions trading, trading of gas transport capacity rights, and measures to improve liquidity in markets. NERA’s analysis identifies key factors affecting the success of newly created markets in other sectors. Our review also shows that the concerns expressed by water abstraction stakeholders are not unique, and that mitigating provisions have been used in other sectors to address these. Some lessons for water abstraction include:

• Clarity in the definition and application of rights is an important prerequisite for the successful transition to a market-based approach. A flexible approach to defining rights can reduce the risk of potentially costly regulatory interventions in situations where there is uncertainty about the availability of the resource for which a market is created. In water abstraction, a flexible approach can consist of defining entitlements as proportions of the water available in a catchment, and periodically setting the overall quantity available to abstract to reflect changes to the scarcity of the water resource.
• The way in which rights are allocated can differ across users to reflect their circumstances -- for example, the ability to pass through abstraction costs to others. Moreover, the allocation of rights can also be used as a means to facilitate liquidity in markets -- for example, obligations can be placed on large abstractors to offer a proportion of their allocations for sale, or entitlements can be time-limited and require periodic renewal.
• In addition to the allocation mechanism, various other measures can be used in water abstraction to improve market liquidity. Measures used elsewhere include: standardizing products; setting up trading platforms to compliment other means of trading; and provisions for flexibility in trading, so that in cases where the requirements of buyers do not exactly match the rights available for sale, a coordinating body can alter the terms of the trade without a full regulatory investigation.

Learn more via the IPO website.

• Cynthia Bright, Associate General Counsel, IP Litigation & Public Policy, Hewlett-Packard Company
• Michelle Lee, Director, USPTO Silicon Valley Office
• Fiona Scott Morton, Professor, Yale School of Management and former Chief Economist of the Antitrust Division, US Department of Justice
• Robert Skitol, Partner, Drinker Biddle & Reath LLP

This event, "Predicting the Present with Search Engine Data," took place 8 May 2013 in Washington, DC, and featured a lecture by Dr. Hal Varian, the Chief Economist at Google and Professor Emeritus at the University of California, Berkeley, where he was the founding dean of the School of Information. Predicting the present or "nowcasting" is a topic of particular interest to central banks and government agencies. Dr. Varian's presentation showed how search engine data can be used to forecast the near-term values of important economic indicators such as retail, automotive, and housing sales; unemployment claims; travel destination planning; and consumer confidence.

Dr. Varian joined Google in 2002, and has worked on the design of advertising auctions, econometrics, finance, corporate strategy, and public policy. He has written two bestselling textbooks: Intermediate Microeconomics, an undergraduate microeconomics text, and Microeconomic Analysis, an advanced text. He received his BS from MIT in economics and both his MA (mathematics) and PhD (economics) from the University of California, Berkeley.

To learn more about the series, please contact Stuart Harshbarger at stuart.harshbarger@nera.com.

Dr. Chincarini has extensive experience in the financial industry and has published in many academic journals in finance. He is the author of one of the classic books in the field of portfolio management, Quantitative Equity Portfolio Management, and is also the author of The Crisis of Crowding, a recent book explaining the causes of the financial crisis.

"Ludwig's background in the financial services industry, and particularly his expertise in portfolio management, quantitative equity management, and derivatives, makes him an invaluable addition to NERA's Securities and Finance Practice,” said Dr. Lawrence Wu, NERA's President. "He adds to the depth and breadth of our terrific Securities and Finance Practice, and he is an example of NERA's commitment to providing our clients with the insights of leading academics."

Dr. Chincarini's financial industry experience includes pioneering work helping to launch the S&P 500 equal-weight exchange traded fund (ETF) (Ticker: RSP), the first liquid hedge fund  ETF (Ticker: QAI), the first merger arbitrage ETF (Ticker: MNA), and many other alternative index ETFs. As Head of Research and Head of New Products at FOLIOfn, he helped develop the company's pioneering internet brokerage service. He has also worked for the Bank for International Settlements and for the asset management company Schroders in both equities and fixed income analysis, and has served as a consultant to hedge funds and money management organizations.

Dr. Chincarini currently serves on the academic council of IndexIQ. He holds a PhD in economics from the Massachusetts Institute of Technology and a BA from the University of California at Berkeley.

About NERA

NERA Economic Consulting (www.nera.com) is a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges. For over half a century, NERA's economists have been creating strategies, studies, reports, expert testimony, and policy recommendations for government authorities and the world’s leading law firms and corporations. We bring academic rigor, objectivity, and real world industry experience to bear on issues arising from competition, regulation, public policy, strategy, finance, and litigation.

NERA's clients value our ability to apply and communicate state-of-the-art approaches clearly and convincingly, our commitment to deliver unbiased findings, and our reputation for quality and independence. Our clients rely on the integrity and skills of our unparalleled team of economists and other experts backed by the resources and reliability of one of the world's largest economic consultancies. With its main office in New York City, NERA serves clients from more than 20 offices across North America, Europe, and Asia Pacific.

This Practising Law Institute program, held in New York City and via live webcast on 25 April 2013, was designed to address all the issues that arise in even the most complex securities matters -- from the initial government investigation to the filing of the civil cases to either settlement or trial. As part of the program, NERA Senior Vice President Dr. Patrick Conroy participated in a panel discussion entitled "Seeking Resolution: Strategies in Mediation and Settlement." Dr. Conroy and his co-panelists discussed various mediation techniques, settlement strategies, the use of experts in litigation, and issues related to D&O liability.

Learn more via the PLI website.

The following NERA experts were included in the 2013 edition of The International Who's Who of Competition Lawyers & Economists:

Sumanth Addanki -- Senior Vice President, White Plains, NY

Greg Houston -- Director, Sydney, Australia

Andrew Joskow -- Senior Vice President, Washington, DC

Thomas McCarthy -- Senior Vice President, Los Angeles, CA

Linda McLaughlin -- Special Consultant, New York, NY

James Mellsop -- Director, Auckland, New Zealand

Richard Rapp -- Special Consultant, New York, NY

Ramsey Shehadeh -- Chair, Antitrust and Competition Practice, New York, NY

Lauren J. Stiroh -- Senior Vice President, White Plains, NY and Toronto, Canada

Mark Williams -- Director, European Competition Policy, London, UK

Lawrence Wu -- President, San Francisco, CA

The Who's Who Legal guide is published by Law Business Research Ltd, which also publishes Global Competition Review. Nominees for The International Who's Who of Competition Lawyers & Economists are selected by a survey of counsel and private practice lawyers worldwide.

About NERA

NERA Economic Consulting (www.nera.com) is a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges. For over half a century, NERA's economists have been creating strategies, studies, reports, expert testimony, and policy recommendations for government authorities and the world’s leading law firms and corporations. We bring academic rigor, objectivity, and real world industry experience to bear on issues arising from competition, regulation, public policy, strategy, finance, and litigation.

NERA's clients value our ability to apply and communicate state-of-the-art approaches clearly and convincingly, our commitment to deliver unbiased findings, and our reputation for quality and independence. Our clients rely on the integrity and skills of our unparalleled team of economists and other experts backed by the resources and reliability of one of the world's largest economic consultancies. With its main office in New York City, NERA serves clients from more than 20 offices across North America, Europe, and Asia Pacific.

Specifically, the panel discussed:

• litigation trends impacting acquisition and transaction structures in bankruptcy;
• the 7th circuit case Castleton Plaza, L.P., 707 F.3d 821 (7th Cir. 2013), which held that a plan providing 100% of the equity to an insider must be subject to competitive bidding;
• cases addressing claims trading and whether the claim is subject to the same defenses in the hands of the acquirer, such as In re KB Toys, 470 BR 331 (Bankr. D. Del. 2012) as compared to an earlier case coming from the SDNY, In re Enron, 379 BR 425 (SDNY 2007); and
• the recent Wamu decisions on treatment of hybrid securities.

Learn more via the West LegalEdcenter website.

Learn more about this event via the Saudi Sustainable Energy Symposium website.

This paper was also published as an article on the Italian website AGI Energia.

Washington, DC -- NERA Economic Consulting and its parent company, Marsh & McLennan Companies, are pleased to announce that Dr. Hal Varian, the Chief Economist at Google and Professor Emeritus at the University of California, will deliver an address on current economic events as part of the Marsh & McLennan: NERA Economic Consulting Lecture Series. The lecture will take place at the Marvin Center at the George Washington University on Wednesday, 8 May 2013, at 6:00 pm Eastern.

Marsh & McLennan Companies and NERA are proud to sponsor this series, which highlights the importance and impact of economics in business and regulatory environments.
 
In Dr. Varian's presentation, "Predicting the Present with Search Engine Data," he will show how search queries from Google can forecast  the near-term values of important economic indicators such as retail, automotive, and housing sales, unemployment claims, travel destination planning, and consumer confidence.
 
Dr. Varian joined Google in 2002, and has worked on the design of advertising auctions, econometrics, finance, corporate strategy, and public policy. He has written two bestselling textbooks: Intermediate Microeconomics, an undergraduate microeconomics text, and Microeconomic Analysis, an advanced text. He received his BS from MIT in economics and both his MA (mathematics) and PhD (economics) from the University of California, Berkeley, where he was the founding dean of the School of Information.
 
The Marsh & McLennan: NERA Economic Consulting Lecture Series on Current Economic Events is organized by The George Washington University's Department of Economics. This event is open to all alumni, faculty, students, and friends of the GW Department of Economics.
 
To learn more, please contact Stuart Harshbarger, NERA Vice President at stuart.harshbarger@nera.com.
 
About NERA

NERA Economic Consulting (www.nera.com) is a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges. For over half a century, NERA's economists have been creating strategies, studies, reports, expert testimony, and policy recommendations for government authorities and the world’s leading law firms and corporations. We bring academic rigor, objectivity, and real world industry experience to bear on issues arising from competition, regulation, public policy, strategy, finance, and litigation.

NERA's clients value our ability to apply and communicate state-of-the-art approaches clearly and convincingly, our commitment to deliver unbiased findings, and our reputation for quality and independence. Our clients rely on the integrity and skills of our unparalleled team of economists and other experts backed by the resources and reliability of one of the world's largest economic consultancies. With its main office in New York City, NERA serves clients from more than 20 offices across North America, Europe, and Asia Pacific.

About Marsh & McLennan Companies
 
MARSH & McLENNAN COMPANIES (NYSE: MMC) is a global professional services firm offering clients advice and solutions in the areas of risk, strategy, and human capital. Marsh is a global leader in insurance broking and risk management; Guy Carpenter is a global leader in providing risk and reinsurance intermediary services; Mercer is a global leader in talent, health, retirement, and investment consulting; and Oliver Wyman is a global leader in management consulting. Marsh & McLennan Companies' approximately 54,000 colleagues worldwide provide analysis, advice, and transactional capabilities to clients in more than 100 countries. The Company prides itself on being a responsible corporate citizen and making a positive impact in the communities in which it operates. Visit www.mmc.com for more information.

Contact

Dr. Stuart L. Harshbarger
Vice President
+1 212 345 2812
mailto:start.harshbarger@nera.com

Learn more about the EPRI-IETA Joint Symposium.

Roundtable Presenters:

• Jorge Baez, Senior Consultant, NERA Economic Consulting
• Mary Billings, Assistant Professor of Accounting, NYU Stern School of Business
• James R. Burns, Deputy Director in the Division of Trading and Markets, Securities and Exchange Commission
• Renzo Comolli, Senior Consultant, NERA Economic Consulting
• William C. Fredericks, Partner, Bernstein Litowitz Berger & Grossmann LLP
• Kathleen McCarthy, Managing Director, Head of Litigation, RBS Americas
• Richard D. Owens, Partner, Latham and Watkins LLP

For more information on the Fred Dunbar Memorial Lecture in Law and Economics, please visit the Fordham University website.

The luncheon program will provide insights on both patent law and antitrust law responses to patent troll practices -- including discussion of challenges to portfolio acquisitions from operating companies that retain roles in subsequent enforcement actions against their rivals, proposed United States Patent and Trademark Office actions and potential legislative solutions.

Featured speakers include:

Cynthia Bright, Associate General Counsel, IP Litigation & Public Policy,
Hewlett-Packard Company

Michelle Lee, Director, USPTO Silicon Valley Office

Fiona Scott Morton, Professor, Yale School of Management and former Chief Economist of the Antitrust Division, U.S. Department of Justice

Other speakers include Drinker Biddle’s Bob Skitol and NERA’s Alan Cox.

This complimentary program will also be available via webcast and 1.5 CLE credit will be offered for in-person attendees.

To register, click here. Please RSVP by Friday, May 3, 2013. Contact Meredith Brusca, Client Events Supervisor at (215) 988-3344 or Meredith.Brusca@dbr.com with any questions.

ABOUT DRINKER BIDDLE
Drinker Biddle & Reath LLP is a national law firm with 650 lawyers in 11 offices providing client service in areas such as intellectual property, commercial litigation, communications litigation, corporate and securities, corporate restructuring, employee benefits and executive compensation, environment and energy, government and regulatory affairs, health care, insurance coverage, investment management,  labor and employment, life insurance and annuities, products liability and mass tort litigation, private client services, and real estate.

ABOUT NERA ECONOMIC CONSULTING
NERA Economic Consulting (www.nera.com) is a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges. For over half a century, NERA’s economists have been creating strategies, studies, reports, expert testimony, and policy recommendations for government authorities and the world’s leading law firms and corporations. With its main office in New York City, NERA serves clients from more than 20 offices across North America, Europe, and Asia Pacific.

Dr. Buckberg's  research has been widely published and she has been co-author of NERA's ongoing study of settlement trends in SEC enforcement actions since the passage of the Sarbanes-Oxley Act. Dr. Buckberg holds a PhD in economics from MIT with concentrations in macroeconomics and international finance. Her graduate studies were supported by a National Science Foundation Graduate Research Fellowship. Dr. Buckberg received her BA in economics and English from Yale University, magna cum laude.

About NERA

NERA Economic Consulting (www.nera.com) is a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges. For nearly half a century, NERA's economists have been creating strategies, studies, reports, expert testimony, and policy recommendations for government authorities and the world's leading law firms and corporations. We bring academic rigor, objectivity, and real world industry experience to bear on issues arising from competition, regulation, public policy, strategy, finance, and litigation.

NERA's clients value our ability to apply and communicate state-of-the-art approaches clearly and convincingly, our commitment to deliver unbiased findings, and our reputation for quality and independence. Our clients rely on the integrity and skills of our unparalleled team of economists and other experts backed by the resources and reliability of one of the world's largest economic consultancies. With its main office in New York City, NERA serves clients from over 20 offices across North America, Europe, and Asia Pacific.

This article was first published in the March Edition of Water Utility Management International as "Achieving Efficiency of Wastewater: A Survey of International Best Practice" (http://www.iwaponline.com/wumi/00801/wumi008010015.htm)

In NERA's Intellectual Property Practice, Dr. Alan Cox has been named Practice Chair. Dr. Cox replaces Dr. Phillip Beutel, who was recently named as NERA's Chief Operating Officer. In the Global Transfer Pricing Practice, Dr. Emmanuel Llinares has been named Practice Chair. His predecessor, Dr. Harlow Higinbotham, remains with the firm as a Senior Vice President. In the firm's Global Securities and Finance Practice, Dr. Patrick Conroy has been appointed Chair. He replaces Dr. Marcia Kramer Mayer, who also remains with the firm as a Senior Vice President.

"On behalf of all of us at NERA, I would like to thank Phil, Harlow, and Marcia for their exceptional service to the firm as practice chairs," said NERA President Dr. Lawrence Wu. "They have all been instrumental in building their respective practices into the global leaders they are today. I look forward to working with Alan, Emmanuel, and Pat in continuing and building on their great work."

Practice Chairs

Dr. Alan Cox, Senior Vice President and Chair of NERA's Intellectual Property Practice, has testified on a wide variety of patent issues in the semiconductor, biotechnology, telecommunications, software, consumer products, and other industries. He has also testified on trademark, copyright, and trade secret matters, and in matters related to standards and patent pools. In arbitrations he has appeared before the NASD, the American Arbitration Association, and the Japan Commercial Arbitration Association. Before joining NERA in 1988, his previous positions include Visiting Economist at MIT's Energy Laboratory. He holds a PhD in economic analysis and policy from the Haas School of Business, University of California, Berkeley.
 
Dr. Emmanuel Llinares, Director and Chair of NERA's Global Transfer Pricing Practice, specializes in inter-company pricing, valuation, and intellectual property analyses. For a number of years, he has advised multinational companies on defining and implementing their intra-group pricing policies and has assisted them with design, documentation, and tax audit defense. Dr. Llinares also assists clients in the context of commercial or intellectual property-related litigations.  Prior to joining NERA in 2005, Dr. Llinares was an economist with Arthur Andersen in London and with the KPMG Tax network in Paris. He holds a PhD in economics from the University of Delaware and the University of Lyon.

Dr. Patrick Conroy, Senior Vice President and Chair of NERA's Global Securities and Finance Practice, specializes in economic analysis of securities and finance issues. His work at NERA has included expert testimony and consulting involving securities fraud, mutual and hedge fund trading, exchange-traded funds, securities lending, broker-dealer disputes, derivatives, leases, swaps, and private equity valuation disputes. He has also provided opinions on damages in bribery cases under the Foreign Corrupt Practices Act and UK Bribery Act. Prior to joining NERA in 2001, Dr. Conroy was an economist with the US Securities and Exchange Commission. He holds a PhD in economics from the University of Miami.
 
About NERA

NERA Economic Consulting (www.nera.com) is a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges. For half a century, NERA's economists have been creating strategies, studies, reports, expert testimony, and policy recommendations for government authorities and the world's leading law firms and corporations. We bring academic rigor, objectivity, and real world industry experience to bear on issues arising from competition, regulation, public policy, strategy, finance, and litigation.

NERA's clients value our ability to apply and communicate state-of-the-art approaches clearly and convincingly, our commitment to deliver unbiased findings, and our reputation for quality and independence. Our clients rely on the integrity and skills of our unparalleled team of economists and other experts backed by the resources and reliability of one of the world's largest economic consultancies. With its main office in New York City, NERA serves clients from over 20 offices across North America, Europe, and Asia Pacific.

The annual study analyzes cases involving allegations of current and/or former employees' unpaid work, including unpaid overtime, failure to provide meals and/or rest breaks, and off-the-clock work. NERA Trends authors have compiled a proprietary database of all wage and hour settlements identified between 1 January 2007 and 31 December 2012.

For 2012, 102 wage and hour cases were settled compared to the 107 settled in 2011. On average companies paid $4.8 million to resolve a case last year, up slightly from the $4.6 million identified in 2011. The median settlement value for wage and hour cases was $1.7 million in 2012, only slightly higher than the $1.6 million median observed in 2011. Trends authors found a decrease in the average settlement value per plaintiff per class year—the average for 2012 was $1,300 versus the $1,500 observed in 2011.

Notably, an increase in settlements involving allegations of minimum wage and overtime violations was observed in 2012, relative to prior years. The healthcare service industry also paid a larger proportion of settlement dollars compared to previous years—27% in 2012 compared to 4% over the prior five-year period.
 
Trends authors for the 2012 study compared NERA's wage and hour settlement data to concluded actions taken by the Department of Labor's (DOL's) Wage and Hour Compliance Division over the prior six-year period. NERA found that 58% of companies with a wage and hour settlement between 2007 and 2012 had also been investigated by the DOL's Wage and Hour Compliance Division. In addition, 28% of companies in NERA's wage and hour settlement database were found by the DOL to have an FLSA violation, with back wages associated with these violations totaling $18.8 million.

Additional Trends in Wage and Hour Settlements

• Over the 2007-2012 period, aggregate wage and hour settlement payments were $2.7 billion.
• 446 wage and hour cases were settled over the prior six-year period.
• Cases with extremely large classes, 10,000 plaintiffs or more, have been decreasing over the past five years. Only 5% of settlements in 2012 were for such cases.
• The average duration of a class period for wage and hour cases in NERA's database in five years.
• 60% of wage and hour cases in our database involve at least two allegations. Approximately 15% of the cases have an allegation of overtime only, while another 56% of cases include an allegation of overtime in addition to one or more allegations.

Trends in Wage and Hour Settlements: 2012 Update is authored by Dr. Denise Martin, Chair of NERA's Employment and Labor Practice, Dr. Stephanie Plancich, Vice President, and Janeen McIntosh, Senior Analyst. The study may be downloaded from: http://www.nera.com/67_8031.htm

About NERA

NERA Economic Consulting (www.nera.com) is a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges. For half a century, NERA's economists have been creating strategies, studies, reports, expert testimony, and policy recommendations for government authorities and the world's leading law firms and corporations. We bring academic rigor, objectivity, and real world industry experience to bear on business and legal issues involving competition, regulation, public policy, strategy, finance, and litigation.

NERA's clients value our ability to apply and communicate state-of-the-art approaches clearly and convincingly, our commitment to deliver unbiased findings, and our reputation for quality and independence. Our clients rely on the integrity and skills of our unparalleled team of economists and other experts backed by the resources and reliability of one of the world's largest economic consultancies. With its main office in New York City, NERA serves clients from more than 20 offices across North America, Europe, and Asia Pacific.

In wage and hour litigation, current and/or former employees allege unpaid work, including unpaid overtime, failure to provide meals and/or rest breaks, and off-the-clock work. Cases may be brought under state law or under the Federal Fair Labor Standards Act. These cases may result in civil settlements or verdicts, as well as in back wages and penalties levied by the Department of Labor. In this update to NERA's ongoing analysis of settlements in wage and hour cases, Senior Vice President Dr. Denise Martin, Vice President Dr. Stephanie Plancich, and Senior Analyst Janeen McIntosh expand their analysis to include cases settled in 2012.

The authors find that, in 2012, companies continued to pay substantial amounts to settle lawsuits involving allegations of wage and hour violations. They identify total wage and hour settlement payments of $467 million in 2012, bringing the aggregate amount paid over the past six years to approximately $2.7 billion. A relatively steady number of identified cases settled before trial each year, with 102 in 2012 and a total of 446 over the last six years. They also find that more than 50% of the companies with a wage and hour settlement between 2007 and 2012 had also been investigated by the Department of Labor's Wage and Hour Compliance division

On average, companies paid $4.8 million to resolve a case in 2012, up slightly from the $4.6 million observed in 2011, but lower than the overall average of $7.5 million for the 2007 to 2012 period. The median settlement value for 2012 of $1.7 million was also slightly higher than the $1.6 million median in 2011.

The 2013 keynote panels focused on the most significant white collar criminal trials of the past year, and on the ethical obligations of white collar lawyers. The Institute featured significant representation from the corporate sector, including members of the legal and compliance groups of General Electric, General Dynamics, Goldman Sachs, International Game Technology, Pfizer, Raytheon, Qualcomm, and UBS. The Institute also included senior members of the Department of Justice, prosecutors, and distinguished members of the federal judiciary.

Ms. Bair served as the 19th Chairperson of the FDIC from 2006-2011, during one of the most difficult periods of financial instability the US has ever faced. She was instrumental in establishing programs that restored confidence and stability to financial markets after the 2008 financial crisis. Currently, Ms. Bair is a senior advisor at The Pew Charitable Trusts, where she also leads the Systemic Risk Council, a private-sector group that monitors and encourages regulatory reform of US capital markets to reduce systemic risk.

"We at NERA are delighted that someone of Sheila Bair's stature has agreed to give the first of a series of lectures to honor Fred and advance his commitment to  having rigorous economic analysis inform matters of public policy," said NERA Economic Consulting President Dr. Lawrence Wu. "We are proud to partner with Fordham Law School in what will certainly be a stellar lecture series."

Dr. Dunbar was one of the most respected and sought-after economics experts in cases involving securities and finance. He was retained in over 500 securities litigations and arbitrations over the course of his career, providing influential testimony in US federal and state courts and arbitration venues, and also testifying abroad. Dr. Dunbar was instrumental in helping to grow NERA into one of the world's largest and most well regarded economic consulting firms. After retiring from the firm in 2009, Dr. Dunbar became an Economic Fellow in the Office of Economic Analysis of the US Securities and Exchange Commission. Working with the Division of Risk, Strategy and Financial Innovation, he supported the Commission in enforcement and fraud detection. Earlier in his career he had been an Adjunct Professor at Fordham University School of Law.

For more information on the Fred Dunbar Memorial Lecture in Law and Economics, visit: http://ow.ly/i6EXa

About NERA

NERA Economic Consulting (www.nera.com) is a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges. For half a century, NERA's economists have been creating strategies, studies, reports, expert testimony, and policy recommendations for government authorities and the world's leading law firms and corporations. We bring academic rigor, objectivity, and real world industry experience to bear on business and legal issues involving competition, regulation, public policy, strategy, finance, and litigation.

NERA's clients value our ability to apply and communicate state-of-the-art approaches clearly and convincingly, our commitment to deliver unbiased findings, and our reputation for quality and independence. Our clients rely on the integrity and skills of our unparalleled team of economists and other experts backed by the resources and reliability of one of the world's largest economic consultancies. With its main office in New York City, NERA serves clients from more than 20 offices across North America, Europe, and Asia Pacific.

Some countries’ monetary authorities impose restrictions on their currency’s convertibility in order to regulate the currency’s inflow and outflow. As a consequence, offshore parties can face difficulty hedging their exposure with forward contracts as such transactions might not be allowed under the currency restrictions. As a result, markets for non-deliverable forwards, which do not require the exchange of the
non-convertible currency, have developed.

A non-deliverable forward foreign exchange contract (“NDF”) is similar to a regular forward FX contract but does not require physical delivery of the designated currencies at maturity. Instead, the NDF specifies an exchange rate (“contracted forward exchange rate” or simply “forward rate”) against a convertible currency, typically...

[To read more, please download the full PDF]

Download addendum to report here.

Learn more via the LSI website.

All of the new filings for 2012 were shareholder class actions, and in contrast to previous years' filings, none involved allegations of Ponzi schemes, claims relating to the credit crisis, or claims against North American-listed Chinese companies. The abatement of these recent trends in filings was consistent with the experience in the US during 2012. However, none of the nine cases filed in Canada appear to be related to the surge in merger objection cases seen in the US over the last three years.

Case Resolutions

Three securities class actions were settled in 2012 (excluding partial settlements)—two Bill 198 cases (Article Glacier for $13.8 million and Gammon Gold for $13.25 million) and one Ponzi scheme case (RBC settled claims relating to the Earl Jones Ponzi scheme for $17 million). The median settlement for all Canadian securities class action settlements (excluding partial settlements) in NERA’s database is $13 million.

Notably in 2012, Ernst & Young agreed to pay $117 million to settle claims relating to its role as auditor of Chinese company Sino-Forest. This partial settlement, if approved, would represent the largest settlement in a Bill 198 case to date.
 
Active Cases

With nine new securities class actions filed and the resolution of five cases during 2012, there were 51 active Canadian securities class actions as of 31 December. This is nearly double the number of active cases four years ago. NERA's database now includes data for 100 Canadian securities class actions filed since 1997.
 
"The growing number of active cases on the docket and the recent court rulings suggest that we may see both more cases move to the leave application and certification stages and possibly more settlements in 2013 than we saw in 2012," said NERA Vice President Bradley Heys, co-author of the report.

Canadian Securities Class Actions: Key Trends

• Eight of the nine cases filed in 2012 involved issuers with securities listed on the TSX.
• Bill 198 cases made up the majority of filings in 2012, accounting for eight of the nine cases filed—in line with previous years.
• All of the cases filed in 2012 were filed in Ontario. Two cases (SNC-Lavalin and Agnico-Eagle) were also filed in Québec. The claims against Facebook and GLG Life Tech Corp were also filed in British Columbia.
• Six of the nine new class actions in 2012 also had parallel US filings: Angico-Eagle, BP p.l.c., Facebook, GLG Life Tech, Kinross Gold, and Nevsun Resources.
• Two-thirds of the new cases filed in 2012 were brought against companies in the mining or oil and gas sectors.
• Continuing a the trend toward faster filing, the median time to file from the end of the proposed class period to the date of filing for cases filed in 2012 was approximately 3.1 months, and the average was 4.6 months.
• Two cases were dismissed during 2012—cases brought against Western Coal and CIBC.
  55% of the 51 active cases are Bill 198 cases, representing more than $19 billion in claimed damages.
• US securities class actions filings were made against six Canadian-domiciled companies in 2012, bringing the total number of active US cases against Canadian-domiciled companies to 17.

Class Action Trends Series

NERA has been analyzing trends in securities class actions for more than 20 years. In addition to this Canada Trends report, the firm produces two US Trends studies annually, as well as reports for the UK, Australia, Japan, and Italy. This year-end study was authored by NERA Economic Consulting Senior Vice President Mark L. Berenblut and Vice President Bradley A. Heys.

Trends in Canadian Securities Class Actions: 2012 Update may be downloaded from: http://www.nera.com/67_8002.htm.

About NERA

NERA Economic Consulting (www.nera.com) is a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges. For over half a century, NERA's economists have been creating strategies, studies, reports, expert testimony, and policy recommendations for government authorities and the world's leading law firms and corporations. We bring academic rigor, objectivity, and real world industry experience to bear on business and legal issues involving compom more than 20 offices across North America, Europe, and Asia Pacific.

NERA's clients value our ability to apply and communicate state-of-the-art approaches clearly and convincingly, our commitment to deliver unbiased findings, and our reputation for quality and independence. Our clients rely on the integrity and skills of our unparalleled team of economists and other experts backed by the resources and reliability of one of the world's largest economic consultancies. With its main office in New York City, NERA serves clients from more than 20 offices across North America, Europe, and Asia Pacific.

The study's co-authors, Vice President Bradley A. Heys and Senior Vice President Mark L. Berenblut, report that all of the new filings for 2012 were shareholder class actions, and in contrast to previous years' filings, none involved allegations of Ponzi schemes, claims relating to the credit crisis, or claims against North American-listed Chinese companies. The abatement of these recent trends in filings was consistent with the experience in the US during 2012. However in 2012, none of the nine cases filed in Canada during 2012 appear to be related to  the surge in merger objection cases seen in the US over the last three years.

Three Canadian securities class actions were settled in 2012, excluding partial settlements -- two Bill 198 cases and one Ponzi scheme case. The median settlement for all Canadian securities class action settlements (excluding partial settlements) in NERA's database is $13 million. Notably in 2012, Ernst & Young agreed to pay $117 million to settle claims relating to its role as auditor of Chinese company Sino-Forest. This partial settlement, if approved, would represent the largest settlement in a Bill 198 case to date.

The authors also report that, with nine new securities class actions filed and the resolution of five cases during 2012, there were 51 active Canadian securities class actions at December 31. This is nearly double the number of active cases four years ago. NERA's database now includes data for 100 Canadian securities class actions filed since 1997.

NERA has been analyzing trends in securities class actions for more than 20 years. In addition to this Canada Trends report, the firm produces two US Trends studies annually, and reports for the UK, Australia, Japan, and Italy.