691 F. Supp. 2d 448 (S.D.N.Y. 2010)

From Casetext: Smarter Legal Research

Pension Committee of the University of Montreal Pension Plan v. Banc of America Securities, LLC

United States District Court, S.D. New York

Feb 22, 2010

691 F. Supp. 2d 448 (S.D.N.Y. 2010)

Summary

holding that expert's testimony based on experience rather than existing data was sufficiently reliable where he had "worked for several different financial institutions, conducted more than fifty due diligence reviews of hedge funds"

Summary of this case from Snyder v. Wells Fargo Bank, N.A.

See 21 Summaries

Opinion

No. 05 Civ. 9016(SAS).

February 22, 2010.

Scott M. Berman, Esq., Anne E. Beaumont, Esq., Amy C. Brown, Esq., Philip A. Wellner, Esq., Robert S. Landy, Esq., Lili Zandpour, Esq., Friedman Kaplan Seiler Adelman LLP, New York, NY, for the Plaintiffs.

Lewis N. Brown, Esq, Dyanne E. Feinberg, Esq., Terence M. Mullen, Esq., Elizabeth A. Izquierdo, Esq., Gilbride, Heller Brown, P.A., Miami, FL, Eliot Lauer, Esq., Michael Moscato, Esq., Curtis, Mallet-Prevost, Colt Mosle LLP, New York, NY, for the Citco Defendants.

Peter K. Vigeland, Esq., Dawn M. Wilson, Esq., Paul M. Winke, Esq., Wilmer Cutler Pickering Hale and Dorr LLP, New York, NY, for Defendant Banc of America Securities LLC.

OPINION AND ORDER

Summaries of

Pension Committee of the University of Montreal Pension Plan v. Banc of America Securities, LLC

United States District Court, S.D. New York

Feb 22, 2010

691 F. Supp. 2d 448 (S.D.N.Y. 2010)

Summary of this case from Snyder v. Wells Fargo Bank, N.A.

holding that "expert witnesses are generally not permitted to address issues of fact that a jury is capable of understanding without the aid of expert testimony"

Summary of this case from Luizzi v. Pro Transport, Inc.

finding a hedge fund auditing expert qualified even though he had performed only one hedge fund audit because he had "substantial auditing experience" and had "remained familiar with the practice of auditing and auditing standards through his role as a litigation consultant"

Summary of this case from Whalen v. CSX Transp., Inc.

finding an expert's opinions with regard to industry standards unreliable when not "ground[ed] in his knowledge of the custom and practice of the industry"

Summary of this case from Trevino v. Bos. Scientific Corp.

finding an expert's opinions with regard to industry standards unreliable when not "ground[ed] in his knowledge of the custom and practice of the industry"

Summary of this case from Trevino v. Bos. Scientific Corp.

finding that while the expert “may not be the world's leading expert” in the relevant field, plaintiffs' arguments regarding his qualifications went to the weight and credibility of the testimony

Summary of this case from Lara v. Delta Int'l Mach. Corp.

finding an expert's opinions with regard to industry standards unreliable when not "ground[ed] in his knowledge of the custom and practice of the industry"

Summary of this case from Mathison v. Bos. Scientific Corp.

finding an expert's opinions with regard to industry standards unreliable when not "ground[ed] in his knowledge of the custom and practice of the industry"

Summary of this case from Wilkerson v. Bos. Scientific Corp.

finding an expert's opinions with regard to industry standards unreliable when not "ground[ed] in his knowledge of the custom and practice of the industry"

Summary of this case from Frankum v. Bos. Scientific Corp.

finding an expert's opinions with regard to industry standards unreliable when not "ground[ed] in his knowledge of the custom and practice of the industry"

Summary of this case from Carlson v. Bos. Scientific Corp.

finding an expert's opinions with regard to industry standards unreliable when not "ground[ed] in his knowledge of the custom and practice of the industry"

Summary of this case from Winebarger v. Bos. Scientific Corp.

finding that while the expert “may not be the world's leading expert” in the relevant field, plaintiffs' arguments regarding his qualifications went to the weight and credibility of the testimony

Summary of this case from Hilaire v. Dewalt Indus. Tool Co.

finding that professional experience provided a reliable basis for expert testimony

Summary of this case from Citibank N.A. v. City of Burlington

admitting expert testimony on industry standards

Summary of this case from AmTrust N. Am., Inc. v. KF&B, Inc.

permitting some factual description but noting that "expert testimony should focus on the expert's opinions and factual analysis rather than on a recitation of facts"

Summary of this case from Mills v. Owsley Cnty. Ky.

noting that expert's description of his job experience and communications with others as part of his job "provides a sufficient link between his experience and his opinions to satisfy the reliability requirement of Rule 702"

Summary of this case from In re Wachovia Bank Commercial Mortg. Tr.

permitting experts to opine on industry due diligence practices

Summary of this case from In re Davis N.Y. Venture Fund Fee Litig.

permitting testimony "about the standard practices employed by industry participants in calculating the NAV," but excluding a "legal interpretation of the term as found in the . . . documents"

Summary of this case from Dominion Res. SVC, Inc. v. Alstom Power, Inc.

noting that the Second Circuit has "allowed an expert to testify as to matters within his general expertise even though he lacked qualifications as to certain technical matters within that field."

Summary of this case from United States v. Tuzman

In Pension Comm. Of the Univ. of Montreal Pension Plan v. Banc of Am. Secs., LLC, 691 F. Supp. 2d 448, 477-78 (S.D.N.Y. 2010), plaintiffs challenged the expert's valuation and discount rate opinions by asserting, among other things, that the expert's use of a 20% discount rate was unreliable because he could not confirm the rate reflected overall industry practice.

Summary of this case from Lary v. Bos. Scientific Corp.

allowing hedge fund administrator to testify about the customs and practices of that industry

Summary of this case from Reach Music Publ'g, Inc. v. Warner Chappell Music, Inc.

Pension Committee of the University of Montreal Pension Plan v. Banc of America Securities, LLC

Summary

Opinion

OPINION AND ORDER

Pension Committee of the University of Montreal Pension Plan v. Banc of America Securities, LLC

Pension Committee of the University of Montreal Pension Plan v. Banc of America Securities, LLC

Case Details

Citations

Citing Cases

Pension Committee of the University of Montreal Pension Plan v. Banc of America Securities, LLC

Summary

Opinion

OPINION AND ORDER

Pension Committee of the University of Montreal Pension Plan v. Banc of America Securities, LLC

Pension Committee of the University of Montreal Pension Plan v. Banc of America Securities, LLC

Case Details

CitationsCopy Citation

Citing Cases

Citations