Secretariat is proud to be sponsoring the ACEDS Third Annual Artificial Intelligence Survey. This represents a unique opportunity to assess the state of AI adoption in the legal industry and identify both opportunities and obstacles for the road ahead. With each passing year, this survey has provided invaluable guidance for legal professionals navigating a rapidly evolving technological landscape.

We invite you to reflect on your own experiences. What changes have you observed in the use of AI in e-discovery and document review? Have you used GenAI for your work and how do you think GenAI will shape the future of our industry? Join the conversation and to share your thoughts as we uncover the latest insights.

In this survey we will be examining the role of AI in e-discovery, document review, and investigations, including the growing impact of Generative AI (GenAI). Previous surveys have provided meaningful insights into AI adoption, and we look forward to discovering what new trends come out of this year’s findings.

What Will the 2025 Survey Uncover? 

With these historical insights in mind, the forthcoming 2025 survey promises to shed light on new and evolving trends in AI’s role in e-discovery, document review and investigations, including: 

• How is GenAI Reshaping eDiscovery and document review? How quickly is GenAI being adopted for legal work? What are the most commonly used applications? Will GenAI’s ability to predict document characteristics be adopted for responsive and privileged document review? How will concerns over AI hallucinations be addressed?
• What Role Does AI Play in Investigations? AI has become a powerful tool for uncovering critical evidence in investigations, enabling faster review and identification of key patterns within vast datasets. How are law firms and investigators leveraging AI to enhance their work, and what challenges are they encountering along the way? 
• Are ESI Agreements Improving? Have the issues identified in previous surveys around poorly drafted ESI agreements been addressed, or do they persist as a common pain point? If progress has been made, what best practices are driving this improvement? 
• Are Corporations Closing the AI Gap? Will this year’s survey reveal that corporate legal departments have made strides in adopting AI tools, narrowing the gap with law firms? What strategies have proven most effective in helping corporations embrace AI, and where do challenges remain? 

Previous surveys uncovered unexpected issues and insights including: 

2023 Report

“Over 80% of survey respondents [in 2023] said they had used AIML in document review in the last twelve months…and there was consensus that the technology worked and saved money…”

2024 Report

“Corporations are less involved in AI e-discovery activities…Law firms are overwhelmed with the amount and complexity of new data [and] they embrace AI in e-discovery…”

Carrie Distler provided expert reports and trial testimony on behalf of San Diego craft brewer Stone Brewing in a trademark infringement suit against the maker of Keystone Light, Molson Coors.  

Ms. Distler, now a leading expert in Secretariat’s Intellectual Property practice¹, provided expert damages analysis on behalf of plaintiff Stone Brewing and counsel BraunHagey and Borden LLP. Relying on Ms. Distler’s testimony, a Southern District of California jury awarded Stone Brewing $56 million in damages in 2022. Then, on December 30, 2024, a three-judge panel from the U.S. Court of Appeals for the Ninth Circuit upheld the $56 million jury award based on Ms. Distler’s testimony.

Stone’s lawsuit, filed in 2018, alleged that Molson Coors’ rebranding of Keystone Light to emphasize “Stone” in its packaging and marketing infringed on Stone Brewing’s trademark. At trial, Stone claimed damages for lost profits and corrective advertising. The eight-person jury agreed with Stone Brewing’s claims, awarding $56 million in damages.  

Molson Coors appealed, arguing that future lost profits included in the $56 million verdict were speculative. The Ninth Circuit disagreed, ruling that “[t]he jury could reasonably rely on [Ms. Distler’s] calculation to determine that Stone Brewing’s sales would not recover immediately.”² According to BraunHagey and Borden LLP, this is the fourth-largest trademark infringement verdict in U.S. history.³ 

Ms. Distler prepared multiple expert reports from 2018 through 2022 assessing the harm to Stone’s business from Molson Coors’ infringement. This included a deep dive into Stone’s operations to analyze the business’s performance as well as the performance of the industry and Stone’s peers. Working closely with the marketing expert for the theoretical underpinnings, Ms. Distler isolated the impact on Stone’s profits from the infringement. She also rebutted Molson Coors’ expert analysis that claimed Stone had experienced no harm. 

“I am thrilled my analysis helped the court in this complex and significant case,” said Ms. Distler. “I am glad to have helped a small brewer quantify and recover the harm that it experienced from the misuse of its trademark by a large, global competitor.” 

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¹ As of December 2023 
² Stone Brewing Co., LLC v. Molson Coors Beverage Company USA LLC, Case No. 23-3142 (9th Cir. Dec. 30, 2024)
³ Ninth Circuit Affirms $56 Million Jury Award for Stone Brewing 

The partnership aims to advance education, innovation, and resources for legal professionals navigating AI-driven discovery processes.

February 5, 2025

Secretariat is proud to announce the firm has joined the affiliate partnership program of The Association of Certified E-Discovery Specialists (ACEDS), the world’s premier organization dedicated to improving the quality of education and standards of the e-discovery industry and part of BARBRI Professional Education. This collaboration reinforces both organizations’ commitment to advancing excellence, education, and innovation in AI-driven discovery and legal technology.

Secretariat, a globally recognized leader in investigations, disputes, arbitration, engineering, and expert advisory services, brings market-leading expertise in e-discovery and AI-driven solutions. By aligning with ACEDS, Secretariat is poised to play a vital role in enhancing industry standards and providing legal professionals with cutting-edge resources and training.

“We are thrilled to announce our affiliate partnership between Secretariat and ACEDS. This collaboration marks a significant step forward in advancing excellence, education, and innovation in AI-driven discovery. By combining Secretariat’s world-class expertise with ACEDS’ industry-leading education programs, we’re poised to provide crucial resources and benchmarks for the legal industry as it increasingly adopts AI in discovery processes. Together, we’re committed to empowering legal professionals with the knowledge and tools they need to stay at the forefront of technological advancements in our industry,” commented Richard Finkelman, Managing Director at Secretariat.

Maribel Rivera, VP of Strategy and Client Engagement at ACEDS, who oversees the ACEDS community globally, expressed her excitement about the partnership:

“As AI continues to revolutionize eDiscovery and the management of legal data, it’s critical for professionals to stay ahead of the curve. At ACEDS, we are dedicated to equipping our members and the broader eDiscovery community with the tools, knowledge, and strategies needed to optimize workflows, uncover insights quickly, and drive efficiency. Partnering with Secretariat strengthens this mission by providing access to cutting-edge expertise and resources that empower legal teams to embrace AI-driven solutions confidently and effectively.”

The partnership will also provide ACEDS members with access to insights and best practices from Secretariat’s experts through webinars, thought leadership articles, and collaborative events.

For more information about ACEDS and its affiliate program, visit www.aceds.org.

About Secretariat

Secretariat experts are trusted in the highest-stakes legal, risk, and regulatory matters around the world. Renowned law firms, leading corporations, and respected governmental entities turn to our more than 600 disputes, investigations, economic, engineering, and data advisory experts when the stakes are high— supporting them with meticulous preparation, insightful analysis, and clearly persuasive communications.

Our bright minds and passionate problem-solvers put their financial, analytical, and strategic insights to work in the fast-paced sectors we serve – from construction and energy to healthcare, technology, and natural resources.

Quality, integrity, and independence are woven into every aspect of our work. But, most importantly, when success is on the line, our globally integrated teams thrive on working through the most daunting problems in ways that remove uncertainty and instill confidence.

About ACEDS

The Association of Certified E-Discovery Specialists (ACEDS), part of leading legal education provider BARBRI Global, is the world’s leading organization for training and certification in e-discovery, information governance, and related disciplines. ACEDS provides training to corporate legal departments, law firms, the government, service providers, and institutions of higher learning. Our flagship CEDS certification is recognized worldwide and used to verify skills and competence in electronic discovery for organizations and individuals through training, certification, and continuing education. The CEDS credential is held by practitioners at the largest Fortune 500 companies, Am Law 200 firms and government agencies. ACEDS has 30 chapters in most major US cities, Canada, the UK, Ireland, the Netherlands, South Africa, and Australia. Our goal is to help professionals and organizations reduce the costs and risks associated with e-discovery while helping to improve and verify their skills and advance their careers and overall technology competence in e-discovery and related fields. Learn more at www.aceds.org

About BARBRI

BARBRI is the global leader in technology-enabled legal education with leadership positions in the US and the UK. Dedicated to providing unparalleled innovation and excellence in legal education, BARBRI delivers outstanding success to learners by providing the most trusted and industry leading products under one unified experience and across every step of the legal learner’s path. Building on the success of its core bar courses, which have helped more than 1.5 million lawyers around the world pass a U.S. bar exam, BARBRI offers a comprehensive suite of learning solutions for higher education institutions and law-related businesses empowering every step of legal learning journey. Founded in 1967, BARBRI is headquartered in Dallas, Texas, with offices throughout the United States and around the world.

Secretariat Media Contact

Nathan Jenks
Director of Marketing & Communications
+1 773 220 8896
njenks@secretariat-intl.com

ACEDS Media Contact

Katie Saylor
913.219.4444
ksaylor@aceds.org

by Eric Poer

2025 Priorities for SEC Enforcement: Shadow Trading, AI, and Crypto in the Spotlight

2024 was a pivotal year for SEC enforcement as the Commission significantly ramped up its efforts, filing 583 enforcement actions and obtaining $8.2 billion in financial remedies, a record for the agency.^[1] Penalties against digital-asset participants was a record $4.98 billion in 2024.^[2] As we move forward in 2025, the spotlight will be on shadow trading, artificial intelligence (AI), and cryptocurrency (crypto) enforcement. In its recently released 2025 Division of Examination Priorities, the SEC announced it was prioritizing “perennial and emerging risk areas, such as fiduciary duty, standards of conduct, cyber security and artificial intelligence.”^[3] These emerging areas are poised to drive further regulatory scrutiny and potential legal challenges.

Shadow Trading Ushers in a New Era of Insider Trading Scrutiny

Building on the momentum from the SEC’s recent “shadow trading” case, we expect increased regulatory scrutiny and potential legislative shifts with respect to insider duties.^[4] The case, which expanded the definition of insider trading to include the use of material non-public information to trade in securities of a comparable company, may lead to more aggressive enforcement. Market participants, especially corporate executives and traders, should anticipate increased scrutiny and potential liability, particularly surrounding the issue of economic correlation between companies. Firms should be mindful of these increased risks when establishing compliance and training protocols, and monitoring staff to avoid potential enforcement actions.

AI at the Intersection of Legal Risks and Innovation

Simultaneously, AI has caused significant changes and challenges across industries. The SEC appointed a Chief Artificial Intelligence Officer to oversee effective governance, innovation and risk.^[5] As firms integrate AI into their operations, including in creating investment strategies, they face increased scrutiny from regulators and investors. The SEC has highlighted that examinations could include reviews of compliance policies and procedures, and disclosures to investors about an advisor’s use of AI into its operations.^[6] As an emerging technology, firms should be mindful of the changing landscape and potential liabilities when implementing AI.  For example, proposed SEC rules could change conflict of interest rules and require additional disclosures to investors.^[7]

Crypto Faces High Stakes and Greater Risks in 2025

The SEC’s focus on crypto assets, which includes reviewing potential technological and security risks, will likely continue in 2025.  The recent appointment of Paul Atkins as SEC chair may lead to changes in enforcement. However, as the industry evolves, legal and enforcement risks will remain significant, particularly for those who fail to comply with shifting regulations. On January 21, 2025, Mark Uyeda was designated as the Acting Chairman of the SEC; that same day, among his first actions was launching a cryptocurrency Task Force to create a regulatory framework for crypto assets with the goal of making enforcement mechanisms clearer and more efficient.^[8] In 2024, 73% of cryptocurrency enforcement actions by the SEC alleged fraud, a trend that is likely to continue or increase with the new administration.^[9] As the cryptocurrency sector grows, founders and executives will navigate complex regulatory landscapes while managing investor expectations. The SEC’s increased focus on crypto assets could lead to more enforcement actions, especially for early-stage projects that may face challenges related to misrepresentations, inadequate disclosures, operational shortcomings and cases related to fraudulent conduct. Proactive planning and continuous monitoring of the legal and regulatory landscape will be essential.

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[1] https://www.sec.gov/newsroom/press-releases/2024-186
[2] Cornerstone Research, SEC Cryptocurrency Enforcement: 2024 Update
[3] https://www.sec.gov/newsroom/press-releases/2024-172
[4] https://www.sec.gov/enforcement-litigation/litigation-releases/lr-25170
[5] https://www.sec.gov/ai
[6] https://www.sec.gov/files/2025-exam-priorities.pdf
[7] https://www.sec.gov/newsroom/press-releases/2023-140
[8] https://www.sec.gov/newsroom/press-releases/2025-30
[9] Cornerstone Research, SEC Cryptocurrency Enforcement: 2024 Update

By Ralph Stobwasser, Dominique Dondelinger, Tarek Bleik, and Mikhail Reshotkin

As Saudi Arabia emerges as a global investment destination, it is essential for foreign investors, financial institutions, and legal and compliance professionals to understand the Kingdom’s anti-corruption initiatives, including crucial legal frameworks and reporting mechanisms. Our latest whitepaper, ‘Integrity and Accountability: Saudi Arabia’s Anti-Corruption Drive’ explores the introduction of the recent Nazaha Law, and discusses Saudi Arabia’s ongoing efforts to combat corruption and foster a more transparent and fair business environment.

In this report, global investigations experts Ralph Stobwasser, Dominique Dondelinger, Tarek Bleik, and Mikhail Reshotkin detail the connection between Saudi Arabia’s anti-corruption efforts and Vision 2030—the Kingdom’s programme to reform its economic landscape and drive long-term prosperity. We analyse:

• The role and activities of Nazaha, the country’s Oversight and Anti-Corruption Authority.
• Updates on legislation aiming to enhance transparency, accountability, and public participation in combating corruption.
• Current progress, future goals, and remaining challenges for Saudi Arabia’s anti-corruption efforts and Vision 2030 reforms.
• Nazaha caseload statistics, reporting channel data, and examples of high-profile cases.

Managing Director Jon Fowler recently contributed to the Active Learning Best Practice Guide, developed by International Legal Technology Association (ILTA).

This guide represents the combined expertise of eDiscovery leaders from London’s top law firms, input from over 50 global contributors, and the valuable perspective of retired Judge former Master Victoria McCloud.

This initiative addresses a critical gap in Practice Direction 57AD, providing clear, actionable guidance for the effective application of Active Learning in English courts. By establishing a standardized approach, the guide aims to promote consistency, transparency, and efficiency in the use of technology-assisted review, ultimately reducing time and costs whilst streamlining disclosure processes.

Chris Robinson provided an expert report, deposition, and trial testimony on behalf of defendant Miraca Life Sciences, Inc. in a wrongful termination suit. The jury awarded the plaintiff less than $1 million, reflecting the exact amount Mr. Robinson calculated and presented at trial, and a substantially lower figure than was put forth by the plaintiff‘s damages expert.

Mr. Robinson was retained by Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. on behalf of Miraca to provide expert analysis and quantify damages to the plaintiff. Mr. Robinson provided testimony and was cross-examined in a nearly two-week jury trial in Nashville, Tennessee in December 2024.  

The jury agreed with Mr. Robinson’s testimony, awarding the plaintiff the exact amount Mr. Robinson calculated — less than $1 million — and rejected the plaintiff expert’s significantly higher damages calculations.

We are pleased to announce that nine of our experts were awarded the 2025 Lexology Index Client Choice Award for Expert Witnesses.

In the Arbitration category, congratulations to winners Mike Allen (Hong Kong), Drew Baiter (Mexico), Neil Gaudion (USA), and Kiran Sequeira (USA).

For his award in the Commercial Litigation category, congratulations to Robert Poole (Canada).

For winning in the Construction category, congratulations to Ian Greenhough (UAE), Dan Clark (USA), Madison Clark (USA), and Meera Wagman (USA).

The Client Choice Award recognizes law firms and partners worldwide for exceptional client care and service quality, focusing on an ability to add real value to clients’ businesses above and beyond other players in the market. Based on nominations from corporate counsel, Lexology ensures that recognition is based on genuine satisfaction and trust, highlighting the recipients’ dedication to quality, commitment to superior service, and strategic importance to their clients.

View the full rankings on Lexology Index.

We are proud to announce that Secretariat has earned the position of No. 1, top-ranked Consulting Expert Firm in the Lexology Index Arbitration 2025 report. The report features firms and experts who have distinguished themselves as industry leaders based on their independence, sharp testifying skills, clear communications, and meticulous analytical insights.

Secretariat also attained the No. 1 position in the report’s categories of Global Elite Thought Leaders (eight experts recognized)—a designation reserved for the best of the best and earned by less than five percent of practitioners in Lexology’s listing—and Future Leaders (14 experts recognized), the foremost names of the next generation of industry leaders.

Read what industry peers and clients say about our ranked professionals as shared in the full Lexology Index: Arbitration 2025 report.

Global Elite Thought Leaders

• Regarded as “one of the best quantum of damages experts in the industry,” clients laud Howard Rosen as being “at the top of his game” and “a striking authority under the pressure of cross-examination.”
• Alexander Demuth “excels in open and clear communication regarding risks, opportunities, and both good and bad arguments,” with sources noting how Alexander “effectively supports his case and demonstrates strong availability and responsiveness while defending his expert opinion well.”
• Mike Allen is a well-established practitioner, known to clients as “an absolutely fantastic expert” who “produces work that is highly persuasive” and can “easily translate complex concepts into simple language.”
• Chaitanya Arora “combines global financial expertise with a keen sense of local issues in Asia, making him invaluable in high-stakes disputes,” with clients noting how Chaitanya remains calm, skillful, and “unshaken under cross-examination,” even in high-pressure arbitration. 
• A prominent expert witness in the Asia-Pacific region, Amit Garg is highly regarded by clients and industry peers alike, with sources stating he “is a renowned delay expert with excellent analytical skills” and “an absolute leader in the field.”
• Ian Greenhough is a top-tier and balanced expert who “always gives a clear and concise presentation of evidence,” remains “calm under pressure,” and “brings great attention and thoroughness to all his work.”
• Mike Saulsbury is a skilled and trusted professional, commended by clients as “one of the best delay experts in the region” who is “well known and well regarded in the construction field.”
• Kiran Sequeira is a highly collaborative and “truly excellent expert witness” who is “great to work with.” Sources note that Kiran is “smart, focused, and provides highly credible thoughtful testimony.”

Recommended Professionals

• Paul Roberts is “measured and presents well on the witness stand.” Paul is trusted by his clients for his ability to “wade through the detail and provide a reasoned and clear opinion.”
• Julius Koo’s clients regard him as a patient, “very thorough and professional, and extremely knowledgeable” expert who “makes analysis accessible and understandable.”
• A highly-regarded professional in the field, Christopher Larkin is “a solid expert with a strong and longstanding reputation in delay analysis.”
• Chris Milburn’s clients commend him for being “excellent at anticipating how a case will evolve” and “a great partner in thinking through how to position evidence.”
• Eddie Tobis has “genuine curiosity and unmatched work ethic [that] drive him to uncover every detail, resulting in extraordinary performance.” Clients note that Eddie is “extremely bright and well-researched” and “practical and tenacious in his approach to every case.”
• Oliver Barnes is praised by clients for being “very talented and experienced in delay analysis,” with sources further noting that “he is experienced, calm, and fantastic at cross-examination.”
• Terry Hawkins is a visionary expert who is “calm, thorough, and has exceptional attention to detail.” Clients note that Terry’s “unique perspective on certain aspects of loss calculations is truly impressive.”
• Liam Holder is “one of the best quantum experts” and “an outstanding witness on the stand,” with one client stating, “he testifies with confidence and clarity—Liam is my favourite quantum expert.”
• Considered “one of the best next-generation delay experts,” Mehmet Karakoc has earned the regard of clients by being “hardworking, practical, and relentless,” and “an extremely bright and sharp delay analyst.”
• A “superb practitioner,” Nishad Morjaria is appreciated as “an incredibly talented and professional expert witness” who is “fantastic to work with.”
• Joe Skilton “excels across the board, especially under cross-examination,” with sources noting that Joe “has meticulous attention to detail, explains complex issues clearly, and is highly valued by clients.”
• A “seasoned expert,” George Taft is a motivated, skilled, and hardworking professional who is “well known for his dedication and strong work ethic.”
• Mark Taylor is “an outstanding expert witness” who offers “a remarkable ability to simplify complex issues for adjudicators, always getting straight to the crux of the matter with clarity and precision.”
• Travis Taylor is “exceptional at conveying complex matters with clarity, making him a strong communicator.” Sources note that Travis’ “intelligence, reliability, and technical brilliance shine through, especially during cross-examination.”
• Alexandre Rivière is described as “an excellent forensic accounting expert” whose “reports and expert oral testimony are always relevant to the case at hand.”
• Ben Burley is a “sharp expert witness with an eye for detail,” with clients citing that he is not only “intelligent and produces easy-to-understand reports,” but also “a pleasure to deal with.”
• Jeffrey Wong is “hard-working, polished, and demonstrates a strong command of his practice area,” who “has exceptional attention to detail and delivers top-notch written presentations” for clients.
• Sources find seasoned expert Mrinal Jain to be “extremely knowledgeable and very proactive,” appreciating that he is “articulate and understands his business well,” and that he is always prepared “to give practical solutions and pragmatic advice.”
• Drew Baiter “possesses strong legal skills and understands the nuances of construction disputes.” Clients appreciate that his “submissions are always thorough, yet clear and concise.”
• A “very strong name in Singapore,” John Lancaster is a highly-valued expert in the field, with clients appreciating that “his reports are always easy to understand, and that’s a great help for tribunals.”
• Matthew Wills “demonstrates a very high level of competence,” offering clients a comprehensive approach where “he effectively untangles complex issues and presents them in a clear and understandable way.”
• Neil Gaudion is “a compelling expert witness” who provides “a well-honed ability to synthesise complex and voluminous information and present it in a way that is understandable and persuasive.”
• Don Harvey is lauded by clients for his “impressive intellectual ability and sound common sense,” with people particularly remarking that Don “does the work necessary to form a solid view and in my view is absolutely first-class.”
• Mike Kling is praised by clients for being “prepared for every eventuality,” with sources appreciating how Mike “does not just present the strengths of his side’s quantum analysis, but knows the weaknesses too.”
• An “open-minded and very experienced” professional, Paul Marcus is very considerate of his clients’ needs and exceptionally “capable of explaining complex matters in layman’s terms so that the tribunal can easily understand the key concepts.”
• Garrett Rush is a leading expert with “significant experience in the valuation of mining claims.” Sources state that Garrett is consistently “easy to work with and truly outstanding.”
• Ted Scott is a “great presenter” who stands out for his “depth of thought and ability to grasp details fast” and his ability to “mobilise with little preparation without detriment to quality.”
• Meera Wagman is acclaimed as “an intellectual who has great presence,” offering clients “an impressive résumé” and the unique ability to “present her findings well and deliver convincing statements.”

Future Leaders

• Charmy Patel is “professional and diligent and thoroughly “pragmatic in her approach to quantum assessment.” Sources note that “the quality of her work and client service is highly impressive.”
• Abigail Harris is a highly professional expert who is “responsive and always willing to put in extra effort” for her clients, who state that they would “recommend her to anyone needing quantum expertise, especially in oil and gas.”
• Sue Kim brings “a wealth of overseas knowledge that greatly benefits her Korean clients,” with sources saying “few in the market match Sue’s unique combination of experience, cultural insight and expertise.”
• Michael Pogue possesses “effective communication and presentation skills” and integrates “constructive forward-thinking and analytical skills” into his work.
• Khaleda Wheeler is “diligent and highly experienced in the construction sector,” impressing clients with her “excellent communication skills and keen ability to listen.”
• “Experienced expert” Miao Gu simplifies the complex for his clients, with sources noting how Miao “excels with numbers and is very user-friendly” and how he “effectively breaks down valuation methods for easy understanding by lawyers and tribunal members.”
• Kagan Aktas’ “diligent and thorough approach, combined with his extensive knowledge of delay claims, makes him a standout expert” and enables him to “offer clear and concise insights” and “speak authoritatively on complex delay issues.”  
• A “collaborative and competent expert,” Paul Baez “provides valuable insight into how the expert report fits into the bigger picture of the case.”
• Bryan D’Aguiar has an “impressive depth of knowledge and a unique ability to communicate complex ideas clearly to lay audiences.” Clients find he is “highly collaborative and responsive,” and “always meets client needs.”
• Stuart Dekker is “a truly outstanding expert witness, with sources saying, “he is exceptionally knowledgeable and an absolute pleasure to work with.”
• Gregory Johnson is “articulate, responsive, and adept at explaining complex issues in clear language,” offering a “clear understanding of valuation methods and an excellent grasp of clients’ needs, demonstrating keen attention to detail.”
• Alexander Messmer is “detail-driven, reactive and possesses strong conceptual skills.” Clients appreciate that Alexander “demonstrates rigor in his analysis and clarity of expression.”

Eric Poer, CPA, a globally recognized securities, accounting, valuation, and regulatory enforcement expert, was retained by Orrick, Herrington, and Sutcliffe LLP to provide expert reports in defense of Apple Inc., CEO Timothy Cook, and CFO Luca Maestri in a high-stakes securities class action dispute.

Mr. Poer, now a leader in Secretariat’s Global Investigations & Dispute’s practice¹, led and collaborated with other top experts, including teams of highly-regarded academic and industry specialists from UCLA and the Virginia Darden School of Business. Mr. Poer, who served as both a summary and expert witness, had his expert qualifications upheld by the court as an expert capable of opining on accounting and financial matters.

The class action securities lawsuit filed by Apple investors in the Northern District of California in April 2019, alleged that Cook and Maestri provided materially false and misleading statements in their November 2018 call with stock analysts and institutional investors concerning demand for the iPhone X in China, the company’s third-largest market. Subsequently, on January 2, 2019, Apple revised the company’s revenue forecast, largely due to weak demand in China, marking the first time that Apple reduced its guidance since the iPhone’s initial release in 2007.² This led the company’s stock price to drop more than 10% the next day.³ The plaintiffs originally alleged more than $70 billion in damages.⁴

In September 2024, the Honorable Judge Yvonne Gonzalez Rogers approved Apple’s all-cash $490 million settlement, ending the five-year dispute. The historic settlement is the third-largest settlement in the Northern District of California and one of the 40 largest securities-related settlements ever.⁵

Per the September 2024 order granting the final approval of the class action settlement, the “plaintiffs faced significant hurdles” including “overcoming expert economic testimony from defendants’ experts.”⁶

While a substantial sum, the $490 million settlement constitutes less than 1% of Apple’s $93.74 billion profit during the 2024 fiscal year. Apple’s stock price has more than quadrupled since the revised revenue guidance in January 2019, creating an additional $2 trillion in shareholder wealth.⁷

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1. As of May 2024 ↩︎
2. Letter from Tim Cook to Apple investors | Apple Newsroom ↩︎
3. Apple to pay $490 million to settle allegations that it misled investors about iPhone sales in China | The Seattle Times ↩︎
4. Legal Fee Tracker: Lawyers want $122.5 million in Apple securities case | Reuters ↩︎
5. Robbins Geller Secures $490 Million Securities Fraud Recovery from Apple | Robbins Geller Rudman & Dowd LLP ↩︎
6. Apple Inc Securities Litigation Docket | Pacer Monitor ↩︎
7. Apple to pay $490 million to settle allegations that it misled investors about iPhone sales in China | AP News ↩︎

Neil Gaudion provided an expert report and testimony on behalf of Five Star Resort Owner, LLC, in construction dispute litigation surrounding a $2 billion Ritz-Carlton Hotel development. The jury awarded $2 million, plus interest, an amount determined from Mr. Gaudion’s testimony.

In 2021, Scottsdale-based Five Star Resort Owner LLC (“Five Star”) selected PWI Construction Inc. (“PWI”), a Las Vegas-based general contractor, to lead the construction of the Ritz-Carlton Hotel and Villas, a luxurious project in Paradise Valley with an estimated value of $2 billion. However, in August and September 2021, PWI terminated its contracts with Five Star and filed $7 million in liens, alleging missed payments, lost profits, and other damages. Five Star subsequently filed suit for breach of contract against PWI.

Neil Gaudion, Managing Director at Secretariat, was retained by Stein Ray LLP on behalf of Five Star to provide expert analysis and testimony regarding construction damages. He quantified Five Star’s additional costs incurred due to PWI, reviewed PWI’s unpaid invoices and supporting records, then opined on the amounts owed to PWI. 

Mr. Gaudion provided testimony and was cross-examined in a two-week jury trial in Phoenix, Arizona in October 2024.  The jury agreed with Mr. Gaudion’s testimony, awarding Five Star the full amount Neil Gaudion calculated—$2 million, plus interest—and rejecting the vast majority of PWI’s counterclaims. 

Dr. Stuart Gurrea provided trial testimony that contributed to the United States Naval Academy’s victory in Baltimore Federal District Court upholding the Academy’s consideration of race and ethnicity in its admissions process.

Dr. Gurrea was engaged by the US Department of Justice to provide expert testimony in economics, econometrics, and data analysis, and to respond to the plaintiff’s expert’s quantification of the impact of considering race and ethnicity in the admissions process to the US Naval Academy.  Dr. Gurrea led a team of Secretariat professionals specialized in large data set construction, microeconomics, and statistical and econometric modeling.

On December 7, 2024, US District Judge Richard Bennett in Baltimore rejected arguments by Plaintiff Students for Fair Admissions.  In his ruling, the court agreed with Dr. Gurrea’s analyses and conclusions.

“I am pleased that the court adopted my testimony regarding the assessment of the impact of race and ethnicity on the Academy’s admissions process,” said Dr. Gurrea. “I believe my economic analysis, which relied on generally accepted principles in economics and econometrics, helped the Court reject the validity and reliability of Plaintiff’s proposed impact evaluation.”