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Lucy Allen directs projects in securities, finance, and the economics of product liability. She has performed valuations of privately-held companies, subsidiaries, and thinly-traded securities, and has assessed liability, materiality, and damages in over 100 securities litigation cases, including for both equity and fixed income securities. She has analyzed issues related to mergers, ERISA claims, market microstructure, and alleged market manipulation and insider trading, including on complex financial instruments such as credit derivatives, futures, and swaps.


In the area of tort economics, she has estimated the number and value of claims likely to arise from allegedly defective or harmful products, including asbestos, talc, medical products, consumer goods, chemical and pest control, and building materials. She has provided consulting services and expert testimony in a variety of settings, including forecasts for financial reserves and regulatory disclosure, bankruptcy hearings, M&A due diligence, fraudulent conveyance actions, and insurance allocation disputes.  

In consumer class actions, Ms. Allen is frequently engaged as an expert to analyze issues related to damages, class certification, and the reasonableness of settlements, including the valuation of warranties. Her extensive experience as an expert in the area of commercial litigation includes testifying on damages in breach of contract, misappropriation of trade secrets, and alleged corporate raiding matters.

Ms. Allen’s recent experience includes expert testimony in the healthcare, banking, information technologies, consumer products, construction and engineering, insurance, hospitality, transportation, telecommunications, and oil and gas industries. Ms. Allen has substantial testifying experience, including before both judges and juries, with testimony in Federal District Court, before the American Arbitration Association (AAA) and the Judicial Arbitration Mediation Service (JAMS), and in depositions. In the area of finance and securities, she has testified on issues including:

  • Market efficiency, price impact, class conflicts, and other issues regarding class certification
  • Loss causation, materiality, and damages
  • Settlement values in securities class action suits
  • Valuation

Before joining NERA, Ms. Allen was a staff economist at the Council of Economic Advisers for both President George H.W. Bush and President Bill Clinton, providing economic analysis on regulation and healthcare policy issues. Prior to that, she worked as a management consultant for five years, formulating marketing, organization, and overall business strategies for clients in a broad range of industries.


  • MPhil and MA in economics, Yale University
  • MBA, Yale School of Management
  • AB, Stanford University