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Bradley A. Heys, MA, CBV, CFA, CFE

Senior Managing Director

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Brad Heys is a testifying expert economist and business valuator. He provides expertise for commercial disputes, class actions, bankruptcy disputes, and regulatory proceedings. Mr. Heys’ expertise is in the quantification of damages, the valuation of businesses, securities, and intellectual property, as well as with financial investigations, finance, and economics. His experience spans a wide range of industries including minerals and mining, oil and gas, financial services, manufacturing, technology, telecommunications, pharmaceuticals, real estate, and food and beverage.

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Mr. Heys has been qualified as an expert and provided testimony for matters at arbitration and before the Ontario Superior Court (Commercial List), the Federal Court of Canada, before provincial securities commissions, and the Copyright Board of Canada. He has been recognized by Who’s Who Legal as a leading economic expert in Canada.

Mr. Heys has provided expert evidence for numerous complex commercial disputes and bankruptcy-related litigation across North America. His work in these cases has included the quantification of damages for lost profits, the valuation of business interests, and the valuation of intellectual property for matters involving allegations of breach of contract and commercial torts. 

In the context of shareholder class actions and criminal and quasi-criminal securities enforcement cases, Mr. Heys has advised clients and provided testimony on issues related to market efficiency, materiality, loss causation, and damages. He has been retained as an expert for class actions and enforcement matters in both Canada and the US and has provided expert reports and testimony before securities regulatory tribunals and for class actions. He has authored several publications related to securities litigation and is lead author of NERA’s annual Trends in Canadian Securities Class Actions study.

Mr. Heys has also quantified damages for broker/investment advisor negligence cases and has conducted valuations of the businesses of investment professionals.

In the area of intellectual property, Mr. Heys has performed valuations of copyrights, patents, and trademarks and conducted reasonable royalty rate assessments and damage quantifications for commercial litigation, administrative proceedings, and tax purposes. He has valued portfolios of copyrights in textbooks; valued license rights for written works, music, and software; and performed reasonable royalty rate determinations for commercial litigation matters and for tax purposes.

In addition, Mr. Heys has conducted financial investigations in matters involving allegations of fraud, including high-profile cases related to the bankruptcies of the Stanford Investment Bank and Enron.

Prior to joining NERA, Mr. Heys worked for an investment advisory firm where he developed quantitative hedge strategies. He is a Chartered Business Valuator (CBV), Chartered Financial Analyst (CFA®), and a Certified Fraud Examiner (CFE). He holds a JD from the University of Toronto and an MA in economics from Queen’s University, and he has completed the coursework for a PhD in economics at the University of Toronto. He taught the graduate-level economics course, Economic Analysis of Law, at the University of Toronto for 10 years.


  • MA, economics, Queen’s University
  • Completed coursework for PhD in economics, University of Toronto
  • JD, University of Toronto


  • Leader of NERA’s Toronto Office
  • Chartered Business Valuator (CBV)
  • Chartered Financial Analyst (CFA) charterholder
  • Certified Fraud Examiner (CFE)