John Montgomery, Ph.D. is a Managing Director at Secretariat. He is an expert in financial economics, securities, banking and financial regulation, valuation, macroeconomics, and international finance. He has testified at trial in federal and state court and in arbitration, provided expert reports, affidavits, and depositions, 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.
Dr. Montgomery has provided analysis and testimony on financial economics and valuation questions in a wide range of complex litigation and enforcement matters. In shareholder class actions, he has provided expert opinions and analysis addressing damages, price impact, loss causation, and market efficiency, and in ERISA class actions, he has provided opinions and analysis related to employer stock, 401(k) fees, and decisions related to investment options. He has also provided analysis in numerous insider trading cases, both for prosecutors and for defendants. He has also provided analysis on issues related to the management of investment portfolios and investment companies, as well as issues related to disclosure by investment companies and broker-dealers. He has led major projects related to regulatory investigations of stock exchanges, including latencies of data feeds and access to hidden orders, and the handling of retail order flow by brokers. He has analyzed issues related to corporate financial litigation, including minority interests, M&A transactions, and share repurchase programs. He has worked on the valuation of corporate liabilities, including issues related to corporate bankruptcy, and has analyzed the value of company stock and debt obligations in the context of securities class actions. He has valued employer stock options, basket options, and other derivatives. He has conducted statistical and econometric analysis of large data sets for financial litigation and regulatory projects.
Dr. Montgomery has also provided expert opinions and litigation support on the response of governments to systemic banking and financial problems during financial crises. He worked on international banking and financial issues at the Federal Reserve Board, and was a member of the International Monetary Fund’s capital markets surveillance team, identifying regulatory issues of systemic concern in key markets around the world. He has written articles on banking and financial regulation, and taught courses on bank regulation, financial economics, and other subjects.
Dr. Montgomery also has deep expertise in international finance and macroeconomics. He has provided expert testimony related to macroeconomic developments in the United States, and he has also analyzed macroeconomic developments and policy in European economies. At Morgan Stanley, he was a senior member of the firm’s global economics team, developing innovative, market-leading analysis of international capital flows and their connections with global foreign exchange, fixed income, and equity markets. He was a member of the Federal Reserve’s international forecasting team and worked on international economic forecasting models at the International Monetary Fund. He was also the senior staff economist for international economics at the President’s Council of Economic Advisers. While working at the Council and at the Federal Reserve, he represented the U.S. government at international meetings on economic policy matters.
Before getting his Ph.D., Dr. Montgomery worked as a securities analyst, valuing equities of companies in a variety of industries. He has provided pro bono analysis related to U.S. immigration removal proceedings.
Dr. Montgomery earned his Ph.D. in economics from Princeton University. He also earned a M.Sc. in Economics from the London School of Economics and a B.A. in Economics with honors from Yale University.