John D Montgomery

John D. Montgomery
Senior Managing Director

PhD Financial Economist; Consulting & Testimony in Complex Financial Matters

Dr. John D. Montgomery is Senior Managing Director at Ankura, based in New York. He is an expert in financial economics, banking and financial regulation, and valuation. He has testified at trial in federal and state court and in arbitration, provided expert reports, affidavits, and depositions, and conducted complex economic, financial, and statistical analysis, and managed numerous litigation projects. He has worked as an economist for the Federal Reserve Board, President’s Council of Economic Advisers, International Monetary Fund, and Morgan Stanley, and as a securities analyst.

  • Experience

    John’s professional experience includes:

    • Regulatory investigation of retail equity order handling: Managed analysis of large order datasets, on behalf of bank defendant.
    • SEC investigations of stock exchanges: Analyzed dynamics of hidden and displayed orders and trading on US stock exchanges; prepared statistical analysis of stock-exchange proprietary and public (SIP) data feeds and related microstructure issues.
    • Testimony in criminal insider trading trial: Analyzed trading dynamics, securities price movements, and evidence on materiality on behalf of an individual defendant. Jury found defendant not guilty on all counts.
    • Testimony related to Eurozone crisis: Provided affidavits in the High Court of Ireland on the Eurozone crisis and the recapitalization of Irish Life & Permanent PLC.
    • Corporate finance litigation (Delaware): Provided valuation, financial research, and modeling, in litigation over fairness of financial arrangements related to corporate minority interest.
    • Insider trading case: Analyzed stock trading data and evidence on materiality on behalf of an individual subject to a SEC investigation of possible insider trading. Made presentation to SEC staff on trading analysis.
    • ERISA class action (Tatum v. R.J. Reynolds Tobacco Company): Analyzed liability and damage issues related to investment 401(k) plan in spun-off stock. Advised counsel of class certification issues. Prepared expert reports and affidavits. Assisted with depositions and cross-examination of opposing experts. Testified in deposition and at trial.
    • Litigation related to systemic banking crisis: Consulted and supported testifying academic experts, on claims of bank creditors against sovereign, relating to losses from resolution of 2008 banking crisis.
    • ERISA class action related to employer stock: Estimated alleged damages for 401(k) plan under ERISA claims of allegedly imprudent investment in employer stock, for employment-services company subject to various actions related to options backdating. Provided estimates to assist counsel in negotiating settlement.
    • Testifying expert in securities class action: Conducted preliminary analysis of price impact, loss causation, and alleged damages, provided expert report, and supported counsel in mediation.
    • Bankruptcy-related litigation: Consulted for bank defendants on damages issues in lawsuit by Adelphia Recovery Trust alleging harm from “co-borrowing” facilities.
    • Testimony on recession risk: Provided expert report and deposition testimony on timing and likelihood of US recession, in merger-related dispute.
    • ERISA class action related to allegedly excessive fees: Analyzed investment fund fees, investment returns, and related issues in litigation on 401(k) plan fees.
    • Investment fund management, valuation, and disclosure: Valued equity portfolios, and basket options. Analyzed diversification, hedging, margin borrowing, and various other issues.
    • Valuation of employee stock options: Valued employee stock options and restricted stock grants in disputes regarding termination of members of senior management by a large corporation.
    • Shareholder class action related to IPO: Analyzed loss causation and estimated alleged damages in Section 11 and 12 shareholder class action related to an initial public offering for a media company.
    • Regulatory investigation of brokerage accounts: Consulted with major brokerage firm on regulatory investigations of fee-based brokerage accounts. Led team conducting statistical analyses of large databases of account activity and other information.
    • Testimony in Delaware Chancery Court: Report, deposition, and trial testimony on alleged damages from failure to deliver common stock in corporate tender offer.
    • Testifying expert in class action for investments funds holding leveraged loans: Provided expert testimony on behalf of Eaton Vance in securities class action involving funds investing in leveraged loans.
    • Testifying expert in securities fraud case: Expert report and deposition testimony on the materiality of alleged revenue misstatements and on the estimation of losses avoided by the sale of stock before alleged corrective disclosures. (SEC v. Yuen.)
    • US Attorney for the Southern District of New York: Assisted government in prosecution of criminal securities fraud case. Analyzed stock price movements and key events. Assessed evidence on materiality and related issues.
    • Consulting expert in Enron litigation: Led team producing estimates of alleged damages under Rule 10(b)-5 and Section 11 for both common stock and fixed income securities.

  • News & events
    • 11th Annual Immigration Law and Policy Conference, Georgetown University Law Center, 10/21/2014, “Do Lawyers Pay for Themselves? A Cost-Benefit of Providing Public Counsel in Immigration Removal Proceedings,” as part of session “Immigrant Legal Services Innovations and Challenges in Adjudication,” Washington, DC
    • New York City Bar Association, 10/16/2014, “Do Lawyers Pay for Themselves? A Cost-Benefit of Providing Public Counsel in Immigration Removal Proceedings,” as part of panel “Championing Appointed Counsel in Immigration Proceedings,” New York, NY
    • NERA Securities & Finance Summer Seminar, 07/07/2014, “Equity Market Structure and High-Frequency Trading,” Lake Tahoe, CA
    • Law and Society Association Annual Meeting, 05/30/2014, “Do Lawyers Pay for Themselves? A Cost-Benefit of Providing Public Counsel in Immigration Removal Proceedings,” as part of session “Framing the Right to Counsel in Immigration Proceedings,” Minneapolis, MN
    • Morrison & Foerster LLP Litigation Group, 05/07/2014, “High-Frequency Trading – A Primer in 1,800,000 Milliseconds,” New York, NY
  • Insights & innovation