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Cornerstone Research
We provide economic and financial analysis to attorneys in commercial litigation and regulatory proceedings.
Company Information
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Conpas Rating

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Overview

At Cornerstone Research, we attribute our success to a unique combination of resources: a creative and energetic staff, cutting-edge technology and research, and our work with academic and industry experts.

Groups

Number of Employees

501-1,000

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Services Provided

Consulting

Capabilities
Industries
Footprint
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Regions

Europe, North America

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Countries

United Kingdom, United States Of America

Additional Information
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Year of foundation

1989

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Structure

Not Specified

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Offerings

Problems we solve

Turning Economic Complexity Into Legal Clarity

Our clients face some of the most analytically demanding challenges in the legal world: proving or disproving damages in high-stakes litigation, quantifying the competitive effects of a merger under regulatory scrutiny, establishing the value of a business or a complex financial instrument in a dispute, defending against securities class actions, navigating government investigations into alleged corporate misconduct, and protecting intellectual property rights through rigorous economic analysis. We bring analytical clarity to these challenges — helping clients understand the numbers, build the narrative, and present it compellingly to judges, juries, and regulators.

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Consulting Solutions By Industry

Automotive and Related Industries

Consults to clients in the automotive and transportation sectors on matters related to securities fraud allegations, bankruptcy proceedings, corporate transactions, and consumer finance. Counsel for global automobile manufacturers have retained Cornerstone Research in high-profile class actions, commercial disputes, and regulatory investigations. Decades of experience in securities fraud class actions and regulatory investigations supports both OEM clients and other companies in the automotive sector. Such cases frequently arise when investors, regulators, or pension fund participants allege misrepresentations or omissions in disclosures, and the team has also worked on matters involving financial shortfalls and securities market price fluctuations stemming from consumer fraud and product liability claims.

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Consumer Finance

Professionals contribute expertise in economics, finance, accounting, and marketing to address complex litigation and regulatory matters in consumer financial services. Experience includes working with counsel for the finance subsidiaries of major automotive companies, class actions involving brokerage companies, and multiple class actions against large financial institutions. Work covers consumer lending, credit products, insurance sales practices, and financial services platform innovation, with a track record of addressing damages, class certification, and regulatory compliance issues across a broad range of consumer finance disputes.

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Energy and Commodities

Has been involved in many high-profile energy and commodity market manipulation investigations, with industry and academic experts delivering insights that help clients navigate complex disputes and make informed decisions in a wide range of energy and electricity matters — including renewable generation and transmission project development, co-location of data centers with nuclear plants, and power purchase agreement (PPA) negotiations. Experience opining on industry practices and accepted industry terms spans oil and gas, electric utilities, renewable energy, and commodities markets. Experts have a proven track record of testifying in court and before regulatory bodies across the full spectrum of energy and natural resource sectors.

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Financial Institutions

Draws on expertise in complex financial products, risk management, financial services regulation, securities analysis, investment management, and industry economics to effectively address regulatory investigations and litigation involving financial institutions. Work spans commercial banks, thrifts, credit unions, investment banks, and venture capital and private equity firms — from the world's largest full-service institutions to smaller, specialized firms. Has worked on cases involving nearly every type of insurance product, including life, health, property and casualty, mortgage, fixed and variable annuities, and reinsurance. Deep expertise developed through decades of experience with financial institution litigation, including matters related to the savings and loan crisis and the global financial crisis, as well as emerging FinTech, blockchain, and cryptocurrency-related litigation.

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Healthcare

Prepares economic and financial analyses in litigation and regulatory matters involving companies in the healthcare industry. Provides class certification analyses in a wide range of healthcare cases, including antitrust and competition, managed care contracting, coverage disputes, reimbursement practices, and disputes related to alleged 'surcharge fees' and 'surprise medical billing.' Clients also seek expertise in class certification analyses for cases involving claims of product liability, misrepresentation, and false advertising pertaining to medical coverage, healthcare benefits, and other healthcare products. Cornerstone Research has addressed questions of common proof and common impact as well as questions of ascertainability and numerosity across the healthcare landscape.

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Investments

Professionals and experts have consulted and testified on matters involving a variety of investments and financial products and a wide range of investment companies and structures. An extensive network includes top experts from academia, regulatory agencies, and industry to address complex investment management and securities disputes. Work covers asset management, hedge funds, private equity, securities fraud class actions, broker-dealer matters, and a broad range of financial product valuation and liability issues. Expertise spans the full lifecycle of investment-related litigation and regulatory proceedings.

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Life Sciences

Conducts economic and financial analyses for litigation involving pharmaceuticals, biotechnology, and medical devices. Work spans antitrust and competition matters, patent and intellectual property disputes, securities litigation, and regulatory investigations across the life sciences sector. Dr. Saravia and affiliated experts address class certification, liability, and damages issues in antitrust litigation matters alleging collusion, vertical restraints, and other allegedly anticompetitive behavior, as well as assessing the competitive effects of mergers — with deep experience across pharmaceuticals (including generic drug disputes), medical devices, and biotech.

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Real Estate

Combines industry knowledge with analytical expertise in economics and finance to address complex issues that arise in real estate–related matters. Professionals construct financial and economic models, perform forensic data analysis, review business records, and perform industry and benchmarking analyses. Affiliated experts have supported clients on a diverse set of issues spanning commercial real estate valuation, RMBS litigation, breach of contract claims, and complex damages analysis in real estate transactions and disputes.

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Technology, Digital Economy, and Artificial Intelligence

Leverages significant experience in complex securities and asset management cases and applies it to issues specific to FinTech, blockchain technology, and consumer finance. Technology-intensive industries and big data applications present unique challenges — from patent thickets and licensing to trade secrets and artificial intelligence, including Standards and FRAND Licensing matters. The sensitive nature and multiple uses of healthcare and pharmaceutical data have raised concerns related to privacy, competition, bias, and intellectual property that the team actively addresses. Expertise spans the full digital economy, from platform antitrust and algorithmic pricing to AI governance and emerging technology litigation.

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Telecommunications, Media, and Entertainment

Supports clients in dynamic and rapidly evolving telecommunications, media, and entertainment industries in merger reviews, regulatory matters, antitrust litigation, intellectual property disputes, contract disputes, and class actions. Experts have analyzed the viability of telecommunications firms, opined on valuation of wireless telecommunications assets, and studied distribution issues in satellite radio. Provides economic and financial expertise in general damages analysis and breach of contract disputes, supporting clients across telecommunications, media, and entertainment in a variety of cases addressing issues such as those related to Rule 10b-5, ERISA actions, mergers and acquisitions, valuation, corporate governance, bankruptcy, and insolvency.

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Hospitality, Travel, and Tourism

Cornerstone Research assists companies in travel, lodging, leisure, and tourism sectors with economic analysis and dispute resolution. The firm evaluates damages, competition issues, contractual disputes, and market impacts. Its work helps clients navigate industry-specific regulatory and commercial challenges.

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Private Equity and Venture Capital

Cornerstone Research assists private equity firms, venture capital investors, and portfolio companies with transaction-related disputes and economic analyses. The firm evaluates valuation, competition concerns, damages, and investment performance. Its expertise supports both litigation and regulatory proceedings.

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Consulting Solutions By Capability

Accounting

Forensic accounting analysis and expert testimony in financial statement fraud, accounting irregularity, and audit failure disputes. Practice includes forensic accounting, fraud and concealment schemes, loss causation, and economic damages in commercial disputes.

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Antitrust and Competition

Economic analysis for litigation and government investigations involving mergers, anticompetitive behaviour, cartels, and monopolisation, including class certification, liability, and damages assessments. Advised Six Flags on its $8 billion tie-up with Cedar Fair and assisted DOJ with JetBlue/Spirit Airlines merger investigation, with 339 competition specialists globally across offices in San Francisco, Chicago, London, and Washington DC.

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Antitrust Merger Investigations

Economic support for parties and agencies in merger reviews, second-request investigations, and competitive effects analyses before the DOJ, FTC, and international regulators. Retained by DOJ to support expert witnesses in JetBlue/Spirit Airlines proposed merger, with merger investigations practice co-headed by Bob Majure in Washington DC.

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Bankruptcy and Financial Distress Litigation

Financial and economic analysis in bankruptcy proceedings, fraudulent conveyance claims, financial distress assessments, and restructuring-related disputes. Experience includes assessing going-concern value and fraudulent conveyance claims in complex bankruptcies and restructuring matters.

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Consumer Fraud and Product Liability

Economic and statistical analysis in consumer class action litigation, including class certification, damages estimation, false advertising, and product liability claims. Experience includes class certification analyses in false advertising matters such as SmileDirectClub.

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Corporate and Government Investigations

Internal and regulatory investigation support addressing alleged accounting irregularities, securities fraud, FCPA violations, employee mismanagement, and disputed business transactions. Experience includes investigation of investment firms and financial institutions addressing broker-dealer fraud and FCPA violations.

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Corporate Governance

Economic and financial analysis in disputes involving board conduct, executive compensation, fiduciary duties, and the appropriateness of corporate decision-making. Includes analysis of executive pay incentive structures and board committee decisions.

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Corporate Transaction Litigation

Economic and financial analysis for disputes arising from M&A transactions, including fairness opinions, deal valuations, and post-transaction disputes. Experience includes REIT merger valuation, vacation ownership spinoff tax impact analysis, and antitrust review of commercial real estate acquisitions.

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Data Privacy and Data Breach

Economic analysis and damages quantification in data privacy litigation, data breach class actions, and regulatory investigations. Named practice area providing expert analysis and quantification of damages in privacy-related disputes and regulatory proceedings.

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Employee Retirement Income Security Act (ERISA)

Economic analysis in ERISA litigation including 401(k) plan disputes, fiduciary breach claims, ESOP valuations, and Department of Labor investigations. Addressed dozens of ERISA matters involving conflicts of interest, class-wide damages, and individual-level transaction datasets, including cases such as In re Principal U.S. Property Account ERISA Litigation.

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Environmental, Social, and Governance (ESG)

Economic and financial analysis for ESG-related litigation, regulatory enforcement, disclosure disputes, and greenwashing investigations before the SEC. Retained on SEC enforcement matters addressing ESG investment management issues and has developed expertise with ESG ratings providers.

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Intellectual Property

Economic analysis and expert testimony for patent, trademark, trade secret, and copyright disputes, including damages quantification, consumer surveys, and ITC investigations. Includes design, execution, and critique of conjoint analysis consumer surveys to quantify consumer behaviour in intellectual property matters.

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International Arbitration and Litigation

Analytical support for commercial and investor-state disputes in international arbitration forums, including damages, valuation, and country risk assessments. Practice headed by Ronnie Barnes with experience in estimating cost of capital, country risk premia, and valuation of complex financial instruments.

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International Trade

Economic analysis for international trade disputes and investigations, including ITC proceedings and trade remedy cases. Named practice area providing expert analysis across international trade matters and regulatory proceedings.

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Labor, Discrimination, and Algorithmic Bias

Statistical and economic analysis in employment discrimination, wage and hour, and algorithmic bias litigation. Named practice area including analysis of employment discrimination and algorithmic bias in litigation and regulatory matters.

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Market Manipulation and Market Microstructure

Economic and financial analysis of alleged market manipulation, benchmark rate-fixing, and market microstructure issues in litigation and regulatory proceedings. Experience includes LIBOR benchmark rate-fixing allegations, commodity price manipulation cases, and ETF market manipulation analyses.

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Securities Litigation

Market-leading economic and financial consulting for securities class actions including Rule 10b-5, Section 11, and Section 12 litigation, covering loss causation, damages, and market efficiency analyses. Recognised as market leader in securities class action consulting with analyses and expert testimony cited favourably in numerous trial verdicts and summary judgment decisions.

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Statistics and Sampling

Advanced statistical analysis, econometric modelling, biostatistics, and sampling methodologies applied to litigation and government investigations. Cornerstone Research has extensive expertise analyzing complex statistics and sampling issues across industries and legal proceedings.

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Tax Controversy

Economic and financial analysis supporting tax litigation and disputes involving transfer pricing, tax treatment, and regulatory compliance. Named practice area providing expert analysis and testimony in tax disputes and regulatory proceedings.

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Technology, Digital Economy, and Artificial Intelligence

Economic analysis in litigation and regulatory proceedings involving technology markets, digital platforms, AI-related disputes, and algorithmic conduct. Named practice area with expertise in technology market analysis and has hosted events addressing future litigation, legislation, and regulation in crypto, climate, AI, and executive power.

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Valuation

Expert testimony and analysis in litigation matters involving business valuation, complex securities, specific business assets, contract valuation, and corporate restructurings. Experience includes complete victory secured in virtual bench trial over performance of a $1.5 billion CDO, REIT merger valuations, private equity, venture capital, and derivative instruments.

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