This content is provided by Charles River Associates.

Chairman: Paul Maleh
Number of employees: 800+ consultants, 1,000 employees
Languages: Arabic, Bulgarian, Chinese (Cantonese), Chinese (Mandarin), Chinese (Shanghai), Dutch, English, French, German, Greek, Guajarati, Hebrew, Hindi, Italian, Japanese, Korean, Lithuanian, Marathi, Polish, Portuguese, Punjabi, Romanian, Russian, Serbo-Croatian, Spanish, Tagalog, Telugu, Turkish, Ukrainian, Urdu

Overview & History:
Founded in 1965, Charles River Associates is a leading consulting firm that provides economic, financial, forensic, investigative and strategy expertise. CRA has served major law firms, corporations, and governments around the world for more than 50 years and has worked with 94 of the Am Law 100 law firms and 83 of the Fortune 100 companies. The firm has more than 800 consultants across 21 offices in nine countries.

CRA’s success stems from the outstanding capabilities of our consultants, many of whom are recognized as experts in their respective fields; our close relationships with a select group of respected academic and industry experts; and from a corporate philosophy that stresses interdisciplinary collaboration and responsive service.


Antitrust & Competition

CRA's competition economists have provided economic analysis and testimony in numerous competition matters in the United States, Europe, Australia, and Canada. Many have served in government antitrust agencies or are members of premier academic economics and law faculties. Having worked on thousands of successful engagements, they provide deep economic analysis and guidance across numerous industries in a broad range of competition cases, including: class certification, complex commercial damages, health care fraud and false claims, health care reimbursements, mergers and acquisitions, monopolization, monopsony, price discrimination, price fixing, tying and bundling, and vertical restraints.

Cybersecurity & Incident Response
CRA is a trusted provider of cybersecurity and incident responses services. The team has an impressive repertoire of skills and capabilities, which are used to help clients respond to and recover from a broad spectrum of incident response matters. Their professionals include information security experts, incident responders, former military, former government, former law enforcement officers, and computer forensics experts with deep technical and analytical skills, backed by decades of investigative and cybersecurity experience.

Employment & Compensation
CRA provides in-depth analysis, expert reports, testimony, and advisory services to law firms, companies—both large and small—and government agencies involved in complex labor and employment disputes. They also assist employers by conducting proactive studies of employment, compensation and contracting practices, monitoring consent decrees and settlement agreements, and designing systems to track employment practices.

Energy Litigation
CRA’s team of energy experts provides consultative services worldwide. They advise energy companies and other market actors operating in a broad array of complex legal environments. Their experts educate clients on market structure and rules, provide testimony and arbitrate disputes, and help businesses and governments navigate fast-changing regulatory frameworks.

Financial Economics
CRA’s financial economics team members advise clients on a wide variety of consumer and business consulting, regulatory, and litigation matters. Focusing on quantitative and statistical analyses of mortgage and other consumer lending products, they use leading-edge data analytic techniques to provide expert assistance to clients. Compliance with fair lending laws, such as the Fair Housing Act and the Equal Credit Opportunity Act, is one of the focus areas, and the team also regularly works with clients on litigation and investigation matters involving: mortgage underwriting; appraisals; pricing; loan modifications; credit bureau reporting; overdraft fees; and automobile dealer pricing.

Financial Litigation
CRA’s Finance practice has decades of experience with high-profile, complex financial litigation and regulatory matters. They apply deep expertise in economics, finance, accounting, and the financial industry to assist clients in matters in the areas of securities litigation, mergers and acquisitions, financial markets trading and investment, and complex commercial litigation.

Forensic Services
CRA’s Forensic Services Practice assists companies and their boards by independently responding to allegations of fraud, waste, abuse, misconduct, and non-compliance. We deliver deep and timely insights by deploying cross-trained teams of experienced forensic professionals. The Forensics Practice – including our state-of-the art digital forensics, eDiscovery and cyber incident response lab – has been certified under International Organization for Standardization (ISO) 27001:2013 requirements as part of our industry-leading commitment to our clients and their information security. CRA also maintains private investigator licenses in multiple jurisdictions, as listed on our website (

Intellectual Property
CRA’s Intellectual Property (IP) experts advise on IP matters involving patents, trademarks, trade secrets, and copyrights. They have experience at every stage of the value chain, from IP development through commercialization and enforcement. Their industry knowledge and expertise in economics, finance, accounting, and business strategy make them uniquely qualified to understand and convey the value and impact of proprietary rights in the marketplace. CRA’s IP consultants have both “real world” transaction and valuation experience and courtroom experience that enhances CRA’s credibility and depth in both contexts.

International Arbitration
CRA has deep experience in all aspects of dispute resolution and international arbitration, including litigation as well as commercial and investment treaty claims, and have acted in over $100 billion worth of cases for clients across virtually every major industry. Their experts can calculate damages, conduct valuations and investigations, and marshal considerable analytics expertise to guide clients and counsel through the arbitration lifecycle, and have provided testimony in hundreds of international arbitrations across all major forums (ICC, ICDR, IUSCT, LCIA, PCA, SCC) and under UNCITRAL rules.

Risk, Investigations & Analytics
CRA’s Risk, Investigations & Analytics Practice is a multidisciplinary practice that combines data analytics and traditional investigative methodologies to help clients manage legal, reputational and commercial risk. They are trusted advisors with extensive government and industry backgrounds who assist law firms, financial institutions, government regulators, multinational corporations and other organizations worldwide to provide clients with actionable intelligence and expert advice.

Life Sciences Litigation
CRA’s life sciences litigation support is grounded in a comprehensive understanding of pharmaceutical, biotechnology, medical device, and diagnostic markets. For more than 30 years, their experts have consulted with major life science companies, law firms, and regulatory agencies around the globe, providing the industry experience and analytical expertise needed to solve their most challenging strategic problems and resolve their most contentious disputes.

Transfer Pricing
CRA’s transfer pricing economists are sought after for the independence and clarity of their conclusions and recommendations by multinational enterprises, law firms, and tax authorities for transfer pricing planning, documentation and dispute resolution around the world. They provide principled solutions to complex intercompany pricing matters relating to intangibles, services, tangible goods and financial transactions, and have testified on transfer pricing cases tax courts throughout the United States and Canada and have advised the Australian Tax Office on litigation risk assessment.

Antitrust & Competition

• Professor Fiona Scott Morton testified in a trial on behalf of the US Federal Trade Commission (FTC), where the FTC challenged the consummated merger of Otto Bock Health Care North America and Freedom Innovations on the grounds that the merger would harm competition. Otto Bock and Freedom Innovations are two of the largest sellers of microprocessor-controlled prosthetic knees. Professor Morton presented detailed arguments about the appropriate antitrust market in which to evaluate the merger, and the likely anticompetitive competitive effects of the merger. Her arguments included critical loss analysis, upward pricing pressure analysis, and an analysis of the likely loss of incentives to innovate due to the merger. Her testimony was well received by the Court, and she was cited favorably numerous times in Chief Administrative Law Judge Chappell’s decision to uphold the complaint.
• CRA economists advised Sprint as it sought regulatory approval of its merger with T-Mobile. CRA economists provided analyses related to coordinated effects and vertical foreclosure effects in the context of the merger’s review by the Federal Communications Commission and provided expert opinions regarding Sprint’s financial condition absent the merger as part of the merger’s review by the Department of Justice and as part of the challenge to the merger by state attorneys general in federal district court.
• CRA consultants advised Evonik as it sought regulatory approval of its acquisition of PeroxyChem from the FTC and later in federal district court. CRA economists provided analyses related to coordinated effects, horizontal unilateral effects, and vertical foreclosure and raising rivals’ costs effects, among others, in the context of the FTC’s merger review. CRA economists also advised Evonik and its counsel Freshfields through litigation, which concluded successfully for the parties. In January, Judge Timothy Kelly denied the FTC’s motion for a preliminary injunction. In February, Evonik successfully closed its acquisition of PeroxyChem.
• CRA economists Steven Tenn and Josh Lustig supported the FTC in its review of the proposed merger of two Chicago-area hospital systems, Advocate Health Care Network (Advocate) and NorthShore University HealthSystem (NorthShore). The CRA team analyzed antitrust and competitive issues regarding the provision of general acute care inpatient hospital services in the North Shore area of Chicago. Dr. Tenn provided written and trial testimony in the US District Court for the Northern District of Illinois. The District Court granted the motion for a preliminary injunction on March 7, 2017, with Judge Jorge L. Alonso citing to Dr. Tenn’s reports and testimony in nearly every aspect of his 37-page opinion. Immediately following the decision, the parties announced they would abandon the deal.
• CRA economists advised King & Spalding, counsel to WestRock Company (WestRock), on the acquisition of KapStone Paper and Packaging Corporation (KapStone), both major North American producers of containerboard and kraft paper. CRA prepared extensive econometric analyses and economic modeling submissions to address questions raised by the US Department of Justice (DOJ). CRA also assisted with WestRock's compliance with the DOJ’s Second Request. • CRA economists advised counsel to Novartis throughout reviews of its three-part, $23 billion merger with GlaxoSmithKline. With the divestment of certain oncology drugs, the EC and FTC determined the deal would not hinder innovation and the development of new oncology drugs. CRA also advised Novartis on the sale of its animal health business to Eli Lilly.
• CRA economists advised counsel to the Canadian Association of Broadcasters (CAB) on a royalty rates matter heard before the Copyright Board of Canada. David Reitman provided expert reports and testimony in two separate hearings before the Board. CRA’s economists analyzed the extent to which broadcasters create various types of copies that could qualify for a discounted tariff. CRA also examined the justification for and impact of changing the basis on which tariffs are calculated. The Board agreed with the radio stations, represented by the Canadian Association of Broadcasters that copies made for evaluation, backup, and certain types of ephemeral reproductions should qualify for an exception. The Copyright Board also endorsed the CAB’s preferred methodology for computing tariffs.
• CRA economist Gregory Vistnes provided economic analyses and testimony on behalf of the Competition Bureau in its litigation regarding the exclusionary practices by the Toronto Real Estate Board (TREB). The long-running case, involving one of the largest real estate markets in North America, dates to 2011. In April, the Competition Tribunal ruled in favor of the Bureau which sought to prohibit TREB’s rules that limited the information that real estate agents could use and show their clients on the agents’ password protected websites referred to as Virtual Office Websites (VOWs).
• The acquisition of Wood Nuclear Limited by Jacobs UK was cleared at Phase 1 by the UK Competition and Markets Authority. Both firms are active in providing nuclear services to customers engaged in civil nuclear power generation and nuclear defense. A CRA team of economists including Diana Jackson, Cristina Caffarra, Oliver Latham, Marissa Li and Pablo Olmos were retained by both parties, providing assistance in relation to the analysis of bidding data and of the strength of key rivals.
• Omnova and Synthomer are both manufacturers of specialty chemicals. The transaction concerned numerous product and geographic markets and had horizontal as well as non-horizontal dimensions. The Commission’s concerns were focused on the market for the supply of vinyl pyridine latex (“VP Latex”). To address the Commission’s competition concerns, Synthomer offered to divest its global VP Latex business. A CRA team of Lars Wiethaus, Roman Fischer, Max Schlosser, Gabriel Gomez and Emma Gaillat advised the Parties on the definitions of relevant markets, the competitive effects as well as in the context of suitable remedies.
• The Netherlands’ Authority for Consumers and Markets (ACM) unconditionally cleared Biscuit International’s acquisition of Aviateur. Both Biscuit International (through its Dutch subsidiary Banketgroep) and Aviateur were active in the biscuits, cookies, and cakes market in the Netherlands. In its decision, the ACM refers multiple times to CRA’s analysis regarding both market definition and the competitive assessment. In particular, the decision explained that the transaction would not create any competition concern, even for large grocery cake, given the likelihood of entry.
• The European Commission cleared Novelis’ acquisition of Aleris after an in-depth investigation, subject to the divestment of Aleris’ plant in Duffel, Belgium. The Commission concluded that the divestment would remove the concerns it identified for aluminum automotive body sheets during its investigation. CRA provided economic advice to Novelis during the European proceedings, from pre-notification to the conclusion of the Commission’s second phase investigation. The CRA team conducted a number of economic and empirical analyses, including bidding and econometric analyses, diversion ratios calculation, analyses of capacity and demand, price elasticity and competitive constraints analyses, and price discrimination analysis. The CRA team also took part to “data room” reviews at the Commission premises and provided expert testimony during the Commission’s oral hearing.
• The UK competition authority (CMA) unconditionally cleared the proposed joint-venture between Anschutz Entertainment Group, Inc and Onex Corporation. Both companies operate and manage live entertainment venues in the United Kingdom and globally. The CMA examined the transaction at a national level, focusing on the parties’ venue management operations and the degree of competition in venue space provision. With CRA’s support the parties were able to persuade the CMA that no competition concerns would arise on the grounds of horizontal unilateral effects, vertical effects or conglomerate effects. CRA’s team supported the JV parties during the CMA’s proceedings with analysis of the extent to which the parties compete to host entertainment events at their major venues based on historic bookings and sales data, a financial model of the unique vertical arithmetic of the JV, and a review of the parties’ bids for the provision of venue management services at other locations.

• A global provider of water, hygiene and energy technologies retained CRA as a result of whistleblower allegations. After imaging computers and mobile phones and performing extensive document reviews, CRA Identified instances of potential improper payment issues, bribery, and self-dealing between the Company and certain suppliers and distributors, as well as identified potential instances of collusion and bid-rigging among the Company and certain affiliates of state-owned entities.
• In a breach of contract action, CRA was retained to perform detailed and comprehensive public records searches to identify and analyze unencumbered assets which could be targeted to satisfy an arbitral award. Their forensic experts researched directories of international companies and related activities and reviewed financial reports for companies of interest. They also compiled schedules identifying U.S. and non-U.S. entities of potential interest, including real property, debtor/creditor relationships, related parties, and significant personal assets. The client was awarded an arbitral award in summary proceedings of over $200M.
• CRA was retained by a biopharmaceutical company that experienced a cyber incident resulting in unauthorized wire payments to a fictitious vendor. CRA assisted in the performance of certain consulting procedures and in confirming the internal review of the Client’s finance team. Specifically, CRA performed a review from a financial controls perspective, to determine if any additional improper payments were made from Client’s bank account because of unauthorized access. In addition, CRA was asked to review the changes in control procedures that were adopted by Client after the cyber incident to determine their reasonableness, given the nature of the incident.
• CRA was retained by a large company that provides digital and physical supply chain solutions across multiple industries after it suffered a ransomware attack that impacted five different regions across the U.S. CRA assisted with the preparation of an insurance claim which included organizing and quantifying costs related to a loss of business income, extra expenses incurred by the client, incident response costs, and data recovery costs, among other things. CRA ultimately prepared a letter that was submitted to the client’s insurance company detailing and explaining all claimed costs.
• CRA was retained to work on behalf of a multibillion dollar global telecommunications manufacturer to investigate the accounting and financial fraud allegations related to the acquisition of a business unit from a multibillion dollar European based global aerospace and defense company. CRA investigated the nature, timing, and extent of the alleged misrepresentations, quantified the impact on the financial statements, and calculated damages related to the misrepresentation. The allegations included the overstatement of revenues and understatement of costs related to a large construction project that was in process at the time of the transaction. CRA assisted in communicating with the insurance company and the seller to conduct the investigation and articulate the findings.
• CRA was retained to investigate allegations of fraud related to the reorganization of a company from a U.S. company into two companies, one Swiss-based and the other U.S.-based. The analysis included investigating the valuation of the entity over time as well as the economic interpretation of the agreements governing the structuring of the U.S.- and Swiss-based companies and the agreement between them.

Intellectual Property
• Kimberly Schenk testified as an economic damages expert in a trial on behalf of Vectura Limited, the Plaintiff in a patent infringement matter in the Federal District Court for the District of Delaware. Vectura is a UK company that develops technologies for the delivery of respiratory drugs. In the lawsuit, Vectura alleged that a large pharmaceutical company infringed a key Vectura patent through sales of three popular inhalers used to treat Chronic Obstructive Pulmonary Disease (COPD). Ms. Schenk’s testimony centered on the amount of royalties the Defendant would have paid Vectura under a hypothetically negotiated license to the patent at issue. She analyzed the financial performance of the accused products and economic factors surrounding the hypothetical negotiation, including a prior license agreement between the parties, and concluded that an uncapped royalty expressed as a percent of the net sales of the products at issue would be appropriate. The jury based its verdict on Ms. Schenk’s testimony, awarding Vectura $89.7 million. The Court upheld the damages award in a post-trial decision, holding that Ms. Schenk’s methodology was proper.

Risk, Investigations & Analytics
• Prior to selling its APAC operations to a Chinese-led consortium of buyers, a U.S.-based global food company sought assistance evaluating prospective buyers and selecting the best fit. Members of the CRA team leveraged in-country expertise to provide a comprehensive assessment of each bidder, examining their food industry experience as well as their political affiliations and how these relationships could affect the company’s in-country operations.
• Members of the team led the investigation into an alleged fraud involving a $300M take-private transaction. The review combined background investigations of individuals and entities, and a forensic review of books and records and over 800,000 emails. The investigation revealed that the target entity fabricated subsidiaries, contracts and customers to artificially inflate its value. The findings were presented to the DOJ, SEC, and FBI, who brought criminal charges against the target company’s management team.
• CRA team members led a transactional lookback that reviewed four years of dollar-clearing activity performed by the U.S. branch of a global financial institution. The independent monitorship, which was conducted in coordination with Federal and New York State banking regulators, involved the review of more than 8 million international wires and uncovered more than $700 million in suspicious activity, including evidence of terrorist financing, violations of U.S. sanctions, and money laundering.
• The team led an investigation into alleged deceptive sales practices for a national telecommunications company. The team examined over 30 billion sales records across an 8-year period to identify patterns related to whistleblower allegations. We provided quantitative analyses to detect potential exposure, identified affected customers, and assisted in the development of a remediation plan that was presented to the board of directors and company management.
• On behalf of a global technology company, the team investigated thousands of third-parties and their access to the personal data of users on the client’s platform. The investigation focused on potential misuse of user data, as well as other adverse findings in the public record. An in-depth technical review was also performed to analyze how third-parties were collecting and managing user data as it related to client policies. The findings facilitated the removal of numerous problematic third-parties.
• CRA team members conducted social media analytics research to map out the networks of environmental activists targeting the client. The investigation revealed ties between environmentalists, class action lawyers, and family foundations known for funding environmental activist issues. The results helped the client identify stakeholders behind coordinated “grassroots” campaigns, and better understand reputational and business risks stemming from activist opposition. • Members of the CRA team assisted a global commodities brokerage to review automated processes in their trading and back-end systems. The team analyzed systems code to understand how a rogue trader incurred a loss of $141.5 million during an overnight trading session. The team identified how the trader was able to generate unauthorized trades and why the trades were not detected.
• Members of CRA’s team worked for the Trustee in the Bernard Madoff matter investigating the role of numerous banks and hedge funds in enabling the fraud. This involved the identification and penetration of offshore shell companies and complex corporate structures used to move funds. It also involved extensive background investigation and identification of assets held by Madoff family members and employees, as well as hundreds of Madoff account holders, including several suspected of being “facilitators” of the fraud.
• CRA professionals were retained by external counsel of the newly appointed government of a sub Saharan African country to conduct an exhaustive global asset trace of a number of high profile figures in the prior administration. The team mapped assets that spanned the Middle East, Western Europe, Asia and the Caribbean, conducting exhaustive open source research along with sensitive intelligence gathering work in-country. The New York Times reported on the investigation as being responsible for the identification of over $1bn in assets, and the recovery of many hundreds of millions to the state treasury.
• CRA team members were retained by the General Counsel for a major international aircraft leasing firm to undertake a detailed investigation and asset trace related to six aircraft in India, where the lessee had defaulted on related payments. In-depth research coupled with multiple site visits led to confirmation of the location of the aircraft along with spare parts and service record documentation (material to the valuation of the aircraft), which enabled the client to serve notice on the involved entities and advance their efforts to recover the assets.
• CRA professionals were retained by a Southeast Asian business magnate seeking to pursue a multi-100 million-dollar judgment following a dispute connected to broadcasting rights in the Asia region. A detailed asset search was conducted in China, Indonesia, Malaysia, Hong Kong and the US. CRA professionals managed a multidisciplinary and multi-lingual team of investigators and document collectors across various regions to conduct the necessary research, ultimately providing detailed visibility on assets and relationships that proved central to the client’s enforcement actions.
• Members of CRA’s team were retained by a major southern European bank to conduct asset tracing and profiling on hundreds of non-performing loans. The results gleaned from public record and open source research, along with human source inquiries, provided leads to hidden assets which helped serve as a basis for debtor negotiations and legal proceedings.
• CRA team members were hired by a Fortune 100 company that was awarded a multi-million-dollar judgment against a former executive who had been convicted of a felony. The investigation identified millions in assets he fraudulently transferred to multiple family members in the time between his arrest and conviction. The company was able to confront the defendant with these facts and recouped a significant portion of the funds it was owed.
• CRA team members conducted an asset search to identify $200 million in assets secreted in tax haven vehicles located in jurisdictions around the globe. The team utilized proprietary data sources and human sources to identify undisclosed business partnerships and ownership interests. We traced business associates and business transactions (including uncovering the name of the real estate agent the defendant used in the Cayman Islands) to identify personal and corporate funds secreted in off shore accounts. This case was settled based upon the findings developed for the plaintiff in this litigation.

Transfer Pricing
• CRA prepared expert testimony in a docketed transfer pricing case in the Appellate Tax Court in the Commonwealth of Massachusetts. Critical matters in the case related to the characterization of the related parties, the selection of the best method and comparability factors for a controlled transaction between two domestic entities of a major biotechnology company. The case settled before it was adjudicated.
• Under IRS controversy CRA supported the analysis of an inbound U.S. distribution function for market leading medical devices. Citing the economic conditions comparability criterion and detailed analysis, it was demonstrated that the comparable companies selected by the taxpayer met a higher comparability standard than the comparable companies put forth by the IRS. The case is now being appealed.
• CRA was retained by the Australian Tax Office to assess the risks of litigation in a case relating to the Asia-Pacific restructuring of a major financial services company. At issue is whether the Australian entity was sufficiently compensated for its routine activities and whether a transfer of functions and/or risks had occurred which required an exit payment. Based on documents provided by the Australian Tax Office, their expert formed an opinion on the reliability of the benchmarked comparable companies for the routine returns and advised on the issue of the business restructuring. The case is ongoing.
• A very large biotechnology firm is in dispute with the IRS regarding intercompany pricing of licenses and related transactions with its foreign subsidiary. A CRA expert is supporting the firm and its counsel during the IRS appeals process with analysis relating to the importance of R&D, manufacturing and other functions in generating non-routine profits.

Margaret Sanderson
Antitrust & Competition, Vice President & Practice Leader (Antitrust & Competition)
[email protected]

Christopher Russo
Vice President & Practice Leader (Energy)
[email protected]

Stephen O’Neil
Finance Vice President & Practice Co-Leader (Finance)
[email protected]

Mukarram Attari
Finance Vice President & Practice Co-Leader (Finance)
[email protected]

Marsha Courchane
Vice President & Practice Co-Leader (Financial Economics)
[email protected]

Arthur Baines
Vice President & Practice Co-Leader (Financial Economics)
[email protected]

David Skanderson
Vice President (Financial Economics)
[email protected]

Kristofer Swanson
CPA/CFF, CFE, CAMS, Vice President & Practice Leader (Forensics)
[email protected]

Daniel McGavock
Vice President & Practice Leader (Intellectual Property)
[email protected]

Matthew Thompson
Vice President & Practice Leader (Labor & Employment)
[email protected]

Gregory Bell
Vice President & Practice Leader (Life Sciences)
[email protected]

Robert Brunner
Vice President & Practice Co-Leader (Risk, Investigations & Analytics)
[email protected]

Peter Nolan
Vice President & Practice Co-Leader (Risk, Investigations & Analytics)
[email protected]

Rebel Curd
Vice President & Practice Leader (Transfer Pricing)
[email protected]