Eric Poer,¹ a Managing Director in Secretariat’s Global Investigations & Disputes practice, led a forensic accounting team retained on behalf of Lehman Brothers’ unsecured creditors in connection with one of the largest bankruptcies in U.S. history. The high-stakes dispute centered on the U.S. Internal Revenue Service (IRS) disallowing the creditors’ $450 million in foreign tax credits tied to Lehman’s bankruptcy, and to the firm’s complex securities lending and cross-border trading activities.

Mr. Poer led the workproduct and outside expert support team, serving as the financial analysis and data analytics lead supporting the creditors’ tax claims in federal bankruptcy court.

Although the disputed trades represented only a fraction of Lehman’s global business, government expert witnesses—presented by the U.S. Department of Justice (DOJ) on behalf of the IRS—characterized the activity as entirely tax‑motivated. Mr. Poer and his team demonstrated that Lehman’s UK subsidiary, Lehman Brothers International (Europe) (LBIE), generated millions in profits from the disputed trades, providing evidence of legitimate commercial purpose rather than a tax‑driven scheme.

To fortify the rebuttal, Mr. Poer conducted a targeted industry expert witness search and secured Ed Blount, a leading securities lending and finance practitioner with specialized knowledge and experience in the foreign tax credits space.

Working closely with Mr. Blount, Mr. Poer and his team forensically mapped cross-border loans by LBIE to demonstrate their economic substance and validate the legitimacy of the $450 million in foreign tax credits challenged by the IRS. They also delivered a key analytical breakthrough: LBIE routinely paid higher U.S. borrowing costs for certain non‑U.K. international stock even when no foreign tax credits were claimed, demonstrating that those costs reflected normal market practice—not evidence of tax motivation.

Mr. Blount’s testimony demonstrated how the DOJ’s experts fundamentally mischaracterized the economics of Lehman’s global equities business. To further support the rebuttal, Mr. Poer’s team showed that the DOJ’s expert had effectively analyzed profitability “backwards,” emphasizing sourcing costs rather than revenue‑generating uses of the borrowed securities. In rejecting the foreign tax credits, the IRS had applied an ‘economically wasteful’ standard that would have invalidated the majority of Lehman’s routine intercompany trading activity.

Mr. Blount, supported by Mr. Poer and his team, translated complex and detailed trading analyses into straightforward, credible testimony that aided the bankruptcy judge in a favorable decision for the client—demonstrating how deep industry knowledge, meticulous data analysis, and compelling expert testimony can overcome even the most aggressive regulatory challenges.

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1. As of May 2024, Eric is a Managing Director at Secretariat. At the time of this engagement, Eric was a Senior Managing Director with FTI Consulting. ↩︎

We are pleased to support the launch of “First Things First: Why Technical Competence Must Precede AI Literacy for Lawyers”, a new white paper from Code & Counsel, sponsored by Secretariat and Association of Certified e-Discovery Specialists (ACEDS).

Code & Counsel brings together leading women in legal technology, e-discovery and data intelligence to explore the responsible use of AI across the legal profession.

As AI becomes more embedded in legal practice, law firms face a growing challenge. How can these tools be adopted responsibly while maintaining professional standards and client trust? The paper explains that responsible AI adoption depends on a strong foundation in core legal technologies, data governance, collaboration tools and security practices.

Key themes explored in the paper include:

• Why technical competence remains a critical operational baseline for modern legal practice
• The risks of adopting AI tools without established technology foundations
• Growing expectations from clients, courts and regulators around responsible technology use
• A staged path forward for firms built on training, readiness assessments and governance controls

Firms that strengthen their technical foundations today will be far better positioned to adopt AI confidently, responsibly and at scale. Building that foundation is essential to protecting clients, meeting professional obligations and sustaining trust in legal services.

The white paper is authored by Kassi Burns (King & Spalding), Angela O’Neal (Maynard Nexsen) Fiona Campbell (Field Fisher), Peg Gianuca (Walt Disney), Jennifer Williams (Vinson & Elkins), Maribel Rivera (ACEDS), and Secretariat Managing Director Richard Finkelman.

Secretariat is proud to share that Managing Director Meera Wagman has been recognized by The Consulting Report as one of The Top 25 Women Leaders in Consulting for 2026.

This prestigious honor highlights the women driving the future of the consulting industry through their incredible leadership, knowledge, and industry contributions. The individuals recognized are among the industry’s top professionals, helping organizations navigate momentous transformations and complex business, technology, and regulatory challenges.

“Meera’s leadership reflects the very best of our profession. She brings clarity and precision to high-stakes environments, and a deep commitment to developing the next generation of leaders,” says Don Harvey, Managing Director. “As one of Secretariat’s earliest team members, she has helped shape the culture, client focus, and standards of excellence that continue to define our firm today. Her recognition among the Top 25 Women Leaders in Consulting is a testament to the profound impact she has on our firm, and across our industry.”

Meera is trusted by global clients for her technical rigor and exceptional industry expertise. She has more than two decades of experience, including specialized knowledge in delay and disruption analysis, claims, project controls, and construction and project management. Recognized by Lexology Index as a Global Elite Thought Leader and widely regarded as one of the industry’s leading delay experts, Meera has advised clients on some of the most complex, high-stakes construction disputes worldwide.

Congratulations to Meera, and all of the women recognized in The Consulting Report’s rankings.

By Gino Bello and Daniel Wang

Why Digital Investigations are Changing

Digital forensics and eDiscovery are undergoing a fundamental structural shift. What was once a reactive, downstream process — focused primarily on large-scale data collection and document review — has evolved into an analytics-driven, intelligence-driven capability.

In today’s disputes and investigations, outcomes are increasingly shaped by how early digital evidence is understood, contextualised, and explained. Advanced analytics, cloud forensics, and AI-assisted workflows now influence legal strategy, regulatory posture, and settlement dynamics from the outset of a matter.

This evolution places renewed emphasis on expert judgment, methodological transparency, and defensibility, particularly as courts and regulators apply heightened scrutiny to proportionality, AI usage, and collection decisions.

Insight First. Volume Second.

The historical eDiscovery paradigm rewarded scale: broader collections, more custodians, and exhaustive review. That model is no longer optimal, and in many cases, no longer defensible or even feasible.

The differentiator today is speed to insight. Advanced analytics are increasingly used to inform early case assessment, rapidly identify high-risk custodians and communication patterns. This allows scope to be constrained before costs escalate, and supports targeted injunctions, dawn-raid responses, and regulatory actions. Early, defensible insight enables counsel to act decisively — often before an opposing narrative crystallises.

Expert-Led. AI-Accelerated.

Artificial intelligence is now embedded across forensics and review workflows, from clustering and anomaly detection, to technology-assisted review and communication analysis.

Judicial and regulatory expectations remain clear: AI augments expertise — it does not replace it. Methodologies must be explainable, AI outputs validated, and expert judgment must remain central to interpretation.

The most effective teams deploy AI as an acceleration layer, enhancing human analysis while maintaining defensibility, proportionality, and clarity around assumptions and limitations.

Collaboration and Ephemeral Data as the New Evidentiary Core

Email is no longer the dominant evidentiary source. Matters increasingly turn on enterprise collaboration platforms, mobile and ephemeral messaging applications, and cloud-native documents with version histories, comments, and access logs.

These data sources are rich in context but technically complex to interpret. Understanding how information was created, shared, edited, and accessed, often across devices and geographies, is now as critical as the content itself.

Cloud Forensics Is Now Table Stakes

As organisations migrate to cloud-first environments, digital forensics has expanded beyond files and messages. Modern investigations increasingly focus on user activity, system behaviour, metadata, logs, and audit trails. In many cases, traditional preservation and analysis approaches no longer apply.

Cloud forensics demands not only technical capability, but a deep understanding of platform architecture and operational nuance, particularly when explaining findings for courts, regulators, and non-technical stakeholders.

Rising Judicial Scrutiny and Defensibility Expectations

Courts and regulators are raising the bar. There is heightened scrutiny around the proportionality of collection and review, validation of AI-assisted workflows, preservation decisions, and chain-of-custody integrity. Often, government bodies also impose additional constraints on how digital evidence must be handled and presented.

This places renewed emphasis on experts who can bridge technical complexity and legal relevance — clearly explaining what was done, why it was done, and the limits of what can be concluded.

From Data to Decisions, How We Can Help

In high-stakes disputes and investigations, outcomes are increasingly shaped by how early digital evidence is understood, contextualised, and explained, not by how much data is produced.

Secretariat’s globally integrated Digital Forensics & eDiscovery teams work alongside counsel from the earliest stages of a matter. By combining expert-led analysis, advanced analytics, and defensible methodologies, we help clients move from data to decisions — at pace and under scrutiny.

When the stakes are high, early insight is the advantage.

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The London appointment expands the firm’s capabilities in product safety, crisis management, materials science, risk assessment, and high-stakes failure analysis.

Secretariat is pleased to welcome Farah Ahmed, PhD, a leading product safety and crisis management expert, to our growing Engineering Sciences team in London. Bringing nearly two decades of experience, Dr. Ahmed helps clients around the world navigate complex regulatory matters, strengthen product safety and compliance, and address high‑stakes failures, recalls, and corrective actions that demand swift, strategic responses.

Dr. Ahmed has specialized expertise in root-cause analysis, risk assessment, material selection and analysis, fracture mechanics, multi‑scale failure assessment, and destructive and non‑destructive evaluation. Her work spans a wide range of industries, including consumer products, medical devices, manufacturing, electronics, batteries, pharmaceuticals, automotive systems, mining, aerospace, retail and hospitality, sports, medical forensics, food and beverage, and national space agencies.

Across these spaces, Dr. Ahmed advises C-suite leaders, investors, engineers, product design teams, manufacturers, and regulators. When failures occur at any stage of the product lifecycle—resulting in recalls, corrective measures, or heightened regulatory scrutiny—Dr. Ahmed’s capabilities help clients understand what failed and why, determine an appropriate response, and identify strategies to strengthen compliance and mitigate future risk.

“Product safety and regulatory challenges are growing more complex every year, and clients come to Secretariat’s experts for clear, grounded answers. Farah has an exceptional blend of unparalleled industry knowledge and practical communication that clients really value,” says Don Harvey, Managing Director at Secretariat. “She brings incredibly innovative, robust perspectives that strengthen our work and amplify our impact. We’re thrilled to welcome her to the team.”

Dr. Ahmed is also recognized globally as a leading expert in X‑ray Computed Tomography, having completed her PhD under the mentorship of the technology’s inventor. She is the Founder and President of the Tomography for Scientific Advancement (ToScA) international society, where she regularly delivers keynotes, moderates sessions, and shapes program content that unites academic researchers, industrial practitioners, and instrumentation developers. She also holds leadership roles on national technical committees, including the Engineering and Physical Sciences Research Council (EPSRC) and the National Physical Laboratory (NPL).

Secretariat is proud to announce that Jimmy McCutcheon has been recognized in Consulting Magazine’s Rising Stars 2026 awards, earning recognition for excellence in Industry-Specialization.

The Rising Stars of the Profession awards recognize high-performing professionals aged 36 and under who are “shaking up the industry in impactful ways” and redefining the consulting profession through innovation, client impact, and leadership.

“We are delighted to see Jimmy recognized by Consulting Magazine,” said Eric Poer, leader of Secretariat’s Securities Practice. “I have experienced first-hand Jimmy’s deep industry expertise, commitment to client outcomes, and ability to translate complex challenges into practical solutions. This recognition reflects both his individual accomplishments and the strength of the team around him. We congratulate Jimmy on this well-deserved achievement.”

A Director in Secretariat’s Global Investigations & Disputes practice, Jimmy focuses on U.S. securities litigation and financial disputes. He is recognized for his ability to bridge litigation strategy and expert testimony, serving as a trusted advisor to counsel in high-stakes matters. He provides expert services, forensic accounting, and financial analysis in complex disputes and investigations, supporting matters involving due diligence, corporate governance, M&A, and banking, among others.

Congratulations to this year’s winners: 2026 Honorees: Consulting Rising Stars of the Profession 2026

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Secretariat is pleased to sponsor the 2026 ACEDS Artificial Intelligence Survey, now in its second year. This annual survey examines how artificial intelligence (AI) is being used across modern legal workflows as the industry moves beyond experimentation and into full operational adoption.

How is AI being used across your workflows today? What challenges or opportunities have emerged as adoption has expanded? We invite you to share your experience with its use in legal practice. Join the conversation as we uncover practical, real-world insights.

As AI becomes embedded across legal workflows, accountability and defensibility have taken on new importance. The 2026 survey focuses on how legal teams are deploying AI in real-world environments, how those tools are governed, and where challenges continue to limit effectiveness. As AI-generated work product increasingly appears in high-stakes matters, accuracy, defensibility, transparency, and accountability have become critical priorities.

Key Trends Shaping AI in Legal Practice in 2026

This year’s survey explores several developments shaping AI adoption across the legal industry, including:

• AI is operational, not experimental.
  Legal teams are embedding AI into existing platforms and workflows, making governance, integration, and output quality more important than tool selection.
• Defensibility now outweighs speed.
  Accuracy, privilege protection, auditability, and transparency are driving decisions as AI-generated work product increasingly appears in high-stakes matters.
• Education gaps are more visible—and riskier.
  Uneven understanding of AI across attorneys, legal ops, and eDiscovery teams continues to impact adoption quality and risk exposure.
• eDiscovery expertise is expanding beyond review.
  AI is pushing eDiscovery professionals into broader roles across investigations, analytics, and information governance, when organizations allow it.
• Clients are asking harder questions about AI.
  Clients now expect clear answers on how AI is used, governed, disclosed, and validated, raising the bar for transparency and policy alignment.

Why Participate in the 2026 AI Survey

Your participation ensures the survey reflects real-world experience, not marketing claims or theoretical use cases. Whether your organization is actively deploying AI, cautiously evaluating its use, or developing internal policies and governance frameworks, your insights help establish a credible industry benchmark.

The survey takes only a few minutes to complete, and the findings will help inform legal decision-making, technology investment, and best practices across the global legal community.

Thank you for contributing to the 2026 ACEDS Artificial Intelligence Survey.

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To read the Secretariat and ACEDS 2025 Artificial Intelligence Report, click here.

A Secretariat expert team, led by Dr. Richard Manning, provided key damages calculations and expert testimony in the precedent-setting Delaware Court of Chancery decision that secured an approximately $811 million award for Fortis Advisors, representative of Auris Health’s former stockholders, in a post-closing earnout dispute with Johnson & Johnson (J&J).

Selendy Gay retained Dr. Manning to serve as their damages expert in this high-stakes case, which centered on J&J’s alleged breach of its 2019 merger agreement to acquire Auris Health, Inc.—a deal that hinged on the development of Auris’ innovative robotic surgery technology. In his role as an expert witness for Fortis, Dr. Manning evaluated and put forth damages under several alternative legal theories.

Following a ten-day trial in September 2024, Vice Chancellor Lori W. Will of the Delaware Court of Chancery issued a decision that awarded more than $1 billion in damages for J&J’s breach of contract, breach of implied covenant, and fraud. The Court ruled that J&J had intentionally delayed achieving key milestones to avoid paying a significant earnout payment to Auris’ stockholders. Additionally, the Court found that J&J’s actions constituted fraud, particularly in undermining Auris’ progress on critical technologies essential to the deal.

The Court adopted Dr. Manning’s approach to damages in rendering its decision, noting they “can reasonably measure what Auris expected to gain using the probability-weighted milestone values assigned by the parties.”¹ Additionally, the Court determined the defense’s rebuttal expert’s points were not persuasive in critiquing Dr. Manning’s approach. The Chancery Court’s 2024 decision in full can be read here.

Following the Chancery Court’s decision, the case was brought before the Delaware Supreme Court on J&J’s appeal. On January 12, 2026, the Delaware Supreme Court issued an opinion that affirmed the judgment of the Chancery Court as to breach of contract and fraud, reversed as to the implied covenant, and remanded to the lower court for a recalculation of damages.² In their opinion, the Delaware Supreme Court affirmed the validity of Dr. Manning’s calculations, noting, “we also uphold the [Chancery Court’s] damages methodology.”³ The Delaware Supreme Court’s opinion can be read in full here.

On January 26, 2026, the Chancery Court delivered a final stipulated judgment of nearly $811 million in damages for J&J’s breach of contract and fraud, which constitutes the largest award in Delaware history in an earnout case.

“I am pleased to have been able to work with a talented team of colleagues at Secretariat on this complex and interesting matter,” notes Dr. Manning. “I am gratified that we were able to provide the economic analysis and testimony to help both the Delaware Chancery Court and the State Supreme court reach their determinations.”

The Secretariat team working on the engagement with Dr. Manning included Dr. Richard Brady, Dr. Kira Stearns, and Jacob Miller. Further details on the case were covered in a Selendy Gay news release.

1. Fortis Advisors LLC v. Johnson & Johnson, C.A. No. 2020‑0881‑LWW (Del. Ch. Sept. 4, 2024) ↩︎
2. Johnson & Johnson v. Fortis Advisors LLC, No. 490, 2024, 2026 WL 89452 (Del. Jan. 12, 2026) ↩︎
3. Johnson & Johnson v. Fortis Advisors LLC, p. 3 ↩︎

Ralph Stobwasser, Managing Director, comments for Thomson Reuters Regulatory Intelligence on the decision by Saudi Arabia’s Capital Market Authority to abolish Qualified Foreign Investor restrictions and swap-based access frameworks. The changes open the Tadawul to all categories of foreign investors effective February 1, 2026.

“These changes improve accountability in a very practical sense; a larger number of foreign investors increases the demand for timely disclosures, verifiable numbers and consistent governance practices.”

The article reports that the CMA implemented the changes as part of a phased liberalization process, replacing the QFI and swap-based regimes with a unified framework for direct foreign participation. Existing foreign ownership limits remain in place, with market access continuing through licensed Saudi intermediaries. The changes expand the investor pool and increase diversity in foreign ownership, while supporting AML and KYC controls, regulatory oversight, and increased market scrutiny as foreign participation grows.

Stobwasser said, “These changes improve accountability in a very practical sense; a larger number of foreign investors increases the demand for timely disclosures, verifiable numbers and consistent governance practices.”

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Tamika Tremaglio and Sonia Chase joined Emmy and Peabody Award-winning sports journalist Sarah Spain on her podcast, Good Game with Sarah Spain, to discuss the ongoing collective bargaining agreement negotiations between the WNBA and its players’ union after a third consecutive missed deadline. The pair examined the reasons why the two sides are at a standstill, possible paths forward, and what’s realistic to expect next. 

Listen to Tamika and Sonia on Good Game with Sarah Spain here.

We’re proud to announce that 12 Secretariat experts have been recognized in the Lexology Index 2025 Commercial Litigation report for their exceptional work supporting clients in some of the world’s most complex and high-stakes disputes. 

Secretariat also led the Global Elite Thought Leaders category among expert witness firms included in the report, with Howard Rosen and Alexander Demuth named among the best of the best worldwide. Secretariat was the only expert firm with multiple Global Elite Thought Leaders recognized. 

Secretariat’s continued inclusion in Lexology’s prestigious rankings reflects our firm’s depth of expertise, our world-class leadership, and the trust our clients place in us to deliver quality insights when it’s all on the line. 

Read the Lexology Index 2025 Commercial Litigation Report here, and review what clients and peers have to say about our experts below.  

Global Elite Thought Leaders 

• Howard Rosen (Canada) stands out for his top-tier work as a valuations and damages quantification expert across a wide range of industries, where he is praised for his ability to “cut through the issues.” Peers note that he “has been at the top of his game for many years.” 
• Alexander Demuth (Germany) is a highly skilled expert in cross-border litigation, with a wealth of experience in post-merger and commercial disputes. He provides “crystal clear and very convincing” testimony and is “the go-to for quantum determination,” according to sources. 

Thought Leaders 

• Mark Taylor (England) impresses sources with his vast experience providing expert testimony on damages and quantum claims in domestic and international litigation proceedings spanning the energy, shipping, and construction industries. 
• Mrinal Jain (India) is a highly regarded expert with extensive experience handling complex financial and valuation issues across an array of sectors, including energy, real estate, and manufacturing. 
• Carrie Distler (USA) earns widespread praise as an expert witness for her “excellent demeanor on the stand” as well as her “strong command of the details of the matters for which she testifies.” 

Recommended 

• Paul Roberts (Australia) is a first-rate expert witness, thanks to over three decades of experience handling complex contractual and commercial disputes, both domestically and abroad. 
• Travis Taylor (England) stands out for his top-tier expert analysis in high-value post-M&A and contractual disputes spanning a range of industries, including financial services and manufacturing of energy and natural resources. 
• Björn Brand (Germany) is regarded as “a highly motivated, competent and reliable expert with an outstanding ability to understand the details of a project.” Interviewees further praise “his meticulous review and assessment of facts and documents” and his proactive approach. 
• With over 30 years of experience, Gary Kleinrichert (USA) is a first-rate expert witness who specializes in assessing economic damages in complex investigations around the world. 
• Chris Milburn (Canada), Abigail Harris (England), Daniel Wang (Singapore) are also recognized in this category. 

Managing Director Bob Broxson provided expert reports, deposition, and trial testimony on behalf of Marathon Oil Company in a historic trial – the first held by the Texas Business Courts since their opening in September 2024. The landmark case stemmed from natural gas delivery interruptions during the 2021 Winter Storm Uri. 

Mr. Broxson was retained by Ahmad Zavitsanos & Mensing (AZA) to provide expert testimony on behalf of Marathon. He provided direct testimony that shaped the court’s understanding of natural gas industry practices during catastrophic events.  

The Texas Business Courts were established by the Texas Legislature in 2023 to serve as an efficient forum for resolving complex business disputes and commercial litigation within the state. This specialized court system has been officially operational since September 2024,¹ and this case, brought by Marathon before the 11^th Division, marked its first-ever trial verdict. 

In this matter, the Houston-based oil company argued that the rare, destructive weather caused by Winter Storm Uri prevented them from satisfying their natural gas delivery obligations to Mercuria Energy America and constituted a force majeure under their contract.  

Following a five-day bench trial, Business Court Judge Melissa Andrews ruled that Marathon was not liable for $26.5 million in damages related to failed natural gas deliveries during Winter Storm Uri, finding that the extreme weather constituted a valid force majeure. The court affirmed that the parties’ contract did not require Marathon to acquire replacement gas or buy back its delivery obligation from Mercuria before declaring a force majeure.² 

Mr. Broxson’s expertise, work, and testimony in this case, combined with other examples that include the $123.7M Koch Energy force majeure dispute, underscore the rigor of his analyses and the critical role expert testimony plays in high-stakes litigation. 

The Secretariat team supporting Mr. Broxson on this matter included Adam Housel. 

Law360 coverage of the matter is available here (subscription may be required). 

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1. https://texasbusinesscourts.com/faq/ ↩︎
2. Marathon Oil Company v. Mercuria Energy America LLC, No. 25-BC11A-0013, in the 11^th Division of the Texas Business Court. P. 23 ↩︎