Dr. Keith Waehrer joins hosts Anant Raut and Jennifer Dixton, along with Joe Jerome (DuckDuckGo) on the American Bar Association’s Trust and Trade podcast in the episode “Are IP Remedies in Big Tech Cases Going Too Far?”. In this episode they examine whether Big Tech companies should be required to open up their intellectual property when they break antitrust laws. It considers whether these remedies reduce incentives to innovate or are necessary to restore competitive balance, addressing how far is too far and what is at stake for digital markets.

Listen on Spotify | Apple

Secretariat, the leading global expert and advisory firm, is thrilled to celebrate the mid-year promotion of 21 individuals across 11 global offices.

“Our mid-year promotions reflect Secretariat’s ongoing dedication to celebrating our wealth of expertise and growing capabilities across the globe,” said Managing Director Don Harvey. “These professionals have demonstrated an exceptional commitment to upholding the exceptional quality and culture that define our firm.”

We are thrilled to congratulate these individuals, whose contributions and impact continue to accelerate growth across our firm and drive Secretariat’s global success.

Director

Associate Director

Manager

  • Alex Gisquet (San Diego)
  • Reed Hasson (New York)
  • Eric Mah (Toronto)
  • Meera Ravikumar (New York)
  • Cheong Wei Ren (Singapore)

Senior Associate

  • Ayush Aggarwal (Atlanta)
  • Andrew Cohen (New York)
  • Alex Davies-Morris (San Francisco)
  • John Hutchison (Los Angeles)
  • Brad Koziol (New York)
  • Basheer Matar (Philadelphia)
  • Taidgh McManus (Chicago)
  • Majd Nasrallah (London)
  • Aarif Qurashe (Atlanta)
  • Mikhail Reshotkin (Dubai)

Corporate

  • Monika Singh, Senior Manager (Atlanta)
  • Molly Andrews, Revenue Operations Senior Coordinator (London)

Secretariat has earned the top position in the Lexology Index Thought Leaders – Arbitration 2025 report, with the most experts listed in the rankings, and highest number of Global Elite Thought Leaders.  

The Lexology Index Thought Leaders – Arbitration report is a highly respected publication that spotlights the world’s foremost arbitrators, legal counsel, and expert witnesses, selected based on feedback from counsel, clients, and peers. This year’s report features in-depth Q&As and client testimonials, offering insight into the experience and impact of those shaping the global arbitration landscape. 

Secretariat’s leading number of experts included in Lexology’s report reflects our global impact across the Americas, EMEA, and Asia-Pacific, and our continued leadership in international arbitration, complex dispute resolution, and expert consulting and advisory services. 

Read the full report to learn more about each expert’s deep knowledge and technical expertise.

Global Elite Thought Leaders:  

Thought Leaders: 

Director Jason Albert provided pivotal testimony in Roberto Vázquez-Ramos, et al. v. Triple-S Salud, et al., which examined allegations of unfair competition and monopolistic practices involving exclusive provider arrangements under Puerto Rico’s government health plan.

In May 2019, the Plaintiffs—a group of urologists in Puerto Rico’s Western Region—alleged that Triple-S Salud (“Triple-S”), the region’s government health plan insurer, and MSO of Puerto Rico, LLC (“MSO”), entered into exclusive dealing agreements with a competing urology group, Urologics LLC (“Urologics”), in violation of Sections 1 and 2 of the Sherman Act.

Plaintiffs claimed the contracts unlawfully constrained trade, monopolized the market, and restricted access to care for patients under the island’s government health plan (GHP).

In 2015, as part of the competitive bidding process, Triple-S considered proposals from both the Puerto Rico Urology Group, Inc. (PRUG), affiliated with Plaintiffs, and Urologics, affiliated with Defendants. The court noted that “Plaintiffs competed and lost. That is the essence of competition.”1

The Federal District Court of Puerto Rico initially dismissed the case. In 2022, the First Circuit Court reinstated the federal antitrust claims related to Triple-S/Urologics exclusive dealing while dismissing claims involving MSO. The case then focused on whether the exclusive contract harmed consumer access or restricted market competition.

Dr. Albert was retained by Defendants to opine on these claims. He submitted expert written and deposition testimony on liability and damages, concluding that the exclusive contract to Urologics by Triple-S was competitively awarded and did not reduce access to care.

On July 15, 2025, Judge Silvia Carreño-Coll of the Federal District Court of Puerto Rico granted the Defendants’ motion for summary judgment and dismissed the case with prejudice, citing Dr. Albert’s testimony throughout the decision, noting his analysis “suggests that GHP patients in Western Puerto Rico did not have limited access to urological services and procedures.”2 As of this writing, the matter remains subject to potential appeal.

“I am thrilled to have had the opportunity to provide testimony that was helpful for the court,” said Dr. Albert. “I am grateful for the help of my fantastic support team.”

Dr. Albert was supported by team members Pablo Varas, Jessica Serody, Belkys Arbizu, and Mia Sharpe.

Read the Full Opinion
  1. Roberto Vázquez-Ramos, et al. v. Triple-S Salud, et al., No. 3:19-cv-01527-SCC-MEL (D.P.R. July 15, 2025), slip op. at 18 ↩︎
  2. Vázquez-Ramos, et al., slip op. at 20 ↩︎

Former NBPA Executive Director brings transformational leadership as sports industry growth creates surge in demand for specialized advisory services.

WASHINGTON, D.C., July 14, 2025 – Secretariat is excited to announce the addition of Tamika Tremaglio as a Managing Director in the Washington, D.C. office, where she’ll help drive the strategic expansion of the firm’s Global Sports Consulting capabilities. The former executive director of the National Basketball Players Association (NBPA), Tamika is a globally renowned leader with more than 30 years of experience advising Fortune 500 companies, leading law firms, and prominent sports industry organizations, executives, and athletes.

“I’ve had the privilege of knowing Tamika for more than 25 years, and I am thrilled to welcome her to Secretariat,” said Secretariat Managing Director Don Harvey. “Her robust expertise, strategic vision, and transformative impact not only align with our core values of quality and culture—they will also be instrumental in amplifying our reputation in sports consulting through highly visible engagements across sports communities and ecosystems. With the sports industry undergoing generational transformation and exponential market growth, there has never been more of a need for sophisticated advice and expertise.”

Tremaglio has advised leaders in sports for more than 15 years across football, soccer, women and men’s basketball, table tennis, fishing and more. At the NBPA, Tremaglio led the historic negotiation of a groundbreaking $50 billion collective bargaining agreement and unlocked unprecedented value for NBA players. Her collective bargaining expertise also extended to advising on the 2020 WNBPA collective bargaining agreement. She has advised global sovereign sports ministries, as well as private sector, venture, and sports organizations seeking to maximize their competitive advantages, including work in the Middle East to reimagine sports in the region. Before the NBPA, she served as Managing Principal for the Greater Washington Area at Deloitte, their largest office in the country.

“To join a group of such talented people during a momentous time in the industry is thrilling,” Tremaglio said. “One of the incredible things about sports is the ability to see something new every game, every season, even every play. The same applies to the global sports industry. With monumental changes happening to the industry everywhere you look, it’s so exciting to jump in and help define the next era of sports and business.”

The global sports market is projected to grow from $485 billion in 2023 to $651 billion by 2028, with over $50 billion in private equity and sovereign wealth fund investments in the past two years alone. The ever-increasing flow of funds presents new commercial opportunities for all stakeholders worldwide.

Secretariat’s Global Sports Consulting practice draws on the firm’s extensive capabilities across litigation and disputes; capital projects and infrastructure; data, AI and analytics; economics and business valuations; forensic accounting; intellectual property; M&A and transaction advisory; and regulatory compliance and investigations. This integrated, multidisciplinary approach positions Secretariat as an immediate market leader ready to address the complex, sports-specific challenges facing leagues, teams, investors, and other stakeholders. With a strong foundation, experienced leadership, and aligned vision, Secretariat has distinct capabilities to influence and guide the future of sports.

Tremaglio joins a global team of specialized experts, including Associate Directors Shalabh Gupta and Amran Nawaz, who have spearheaded Secretariat’s growing sports industry reputation through expanded relationships with prominent organizations, including LawinSports and the Sports Lawyer Association.

“Leaders like Tamika don’t come around often,” Secretariat President Joseph Blanco said. “Her impact on both the international level and in her local communities is profound. Thanks to her unique combination of boardroom fluency, athlete trust, global connectivity, and leadership, she has the rare ability to shape the future of sports business and innovation across multiple sectors and continents.”

Tamika earned her law degree from the University of Maryland Francis King Carey School of Law, her master’s degree from the University of Baltimore, and her undergraduate degree from Mount St. Mary’s University.

This article originally appeared on Law360 on June 24, 2025.

In a recent article published by Law360, Managing Director Rick Eichmann explores the economic reasoning behind the U.S. District Court’s decision in Haptic Inc. v. Apple Inc. and why prelitigation funding forecasts should not be conflated with royalty analyses in patent litigation.

Eichmann explains how models developed for litigation funding reflect strategic, forward-looking estimates shaped by asymmetric information, not neutral assessments of patent value. The court’s decision underscores the need to distinguish between economic models based on their function, context, and intended use in legal proceedings.

The article offers practical insights for attorneys and experts navigating damages modeling, discovery boundaries, and litigation finance. It further explains why the purpose and informational context of economic models matter — and how misapplying them can distort legal outcomes.

Download the Full Article

Secretariat has been named as one of Consulting Magazine’s Best Firms to Work For in 2025, earning this prestigious recognition for the second consecutive year.  

This award is especially meaningful because it’s based entirely on employee feedback, reflecting their experiences across key areas such as culture, career development, client engagement, compensation & benefits, and firm leadership.  

Secretariat is proud to celebrate our steadfast commitment to our people, remarkable growth, and continued global recognition. In 2025 alone, we have achieved several major milestones:  

“When people ask what sets Secretariat apart, I always come back to two things: quality and culture,” says Don Harvey, Managing Director. “Quality earns our clients’ trust. Culture makes this an extraordinary place to work. I’m deeply grateful for the energy, care, and commitment that each individual brings to our firm.” 

As we continue to grow and expand our global impact, being recognized as a Best Firm to Work For reaffirms the strength of our culture and the shared purpose that drives our success.  

View the full listing here: 2025 Winners: Consulting Best Firms to Work For 2025 

by Pablo Salinas

Today, Secretariat marks the 135th anniversary of the Sherman Antitrust Act, enacted by the 51st U.S. Congress and signed into law by President Benjamin Harrison on July 2, 1890. The Act was the first comprehensive federal legislation to promote competition, criminalize monopolistic behavior, and empower courts to uphold economic efficiency as a public good. 

The Sherman Act remains actively enforced and has never been repealed or amended. It established two key prohibitions that are central to antitrust enforcement: 

  • Section 1 bans any contract, combination, or conspiracy in restraint of trade 
  • Section 2 makes it a felony to monopolize, or attempt to monopolize, any market 

With over a century of enforcement history and growing relevance in today’s digital and data-driven economy, the Sherman Act remains the cornerstone of American competition law. 

From Railroads to Algorithms 

“An unamended cornerstone of antitrust, the Sherman Act endures through its focus on economic efficiency, bridging eras of threatened competition despite falling prices and rising output.”
— Pablo Salinas, PhD, Economist 

The Act passed with overwhelming bipartisan support: 242–0 in the House and 52–1 in the Senate. The near-unanimous decision took place against a backdrop of rising output and falling prices, much like today’s digital economy. Despite dramatic improvements in freight logistics and a ~40% decline in real rail rates between 1880 and 1900, lawmakers feared the long-term harm posed by monopolistic trusts like Standard Oil, which vertically integrated oil refining with rail transport. These trusts threatened to: 

  • Foreclose market access for rivals 
  • Discriminate in favor of their own products 
  • Inflate input costs 
  • Lock in suppliers through exclusive contracts 

Today’s digital platforms exhibit similar traits. Giants like Google, Amazon, Meta, and Apple operate at massive scale, benefit from network effects, and provide low-cost (often free) services. Yet they increasingly face antitrust scrutiny—not because they raise prices, but because they control data, infrastructure, and market access in ways that may stifle competition. 

Google may prioritize its own services in search. Apple imposes a 30% fee on in-app purchases. Meta has acquired potential rivals like Instagram and WhatsApp. Amazon observes both buyers and sellers on its platform, raising concerns about self-preferencing. These firms also control proprietary datasets that are inaccessible to competitors, creating what regulators describe as “data moats.” In the words of industry leaders and public officials, “data is the new oil.” 

A Modern Enforcement Framework 

The Sherman Act’s enforcement is now supplemented by: 

  • The Clayton Act of 1914, which added civil enforcement tools to address mergers, tying, price discrimination, and interlocking directorates before they harm competition 
  • The Federal Trade Commission Act of 1914, which established the FTC and outlawed unfair methods of competition 

Unlike the Sherman Act, which includes criminal penalties, the Clayton Act is purely civil and allows regulators to preempt anticompetitive behavior, especially in mergers and vertical integration, without needing to prove actual harm. 

Economic Theory and the Digital Era 

Modern markets differ fundamentally from the industrial sectors of the 19th century. Digital products are often non-rival, marginal costs approach zero, and market dominance can persist even as prices fall. This challenges traditional antitrust paradigms that focus on price and output and shifts attention to data control, entry barriers, and platform entrenchment. 

Economics of Antitrust at Secretariat

“Without rigorous economic insight, antitrust enforcement risks becoming reactive guesswork rather than a disciplined defense of competitive markets.”
— Jéssica Dutra, PhD, Director 

Understanding Sherman Act enforcement today requires fluency in economic theory, technological structure, and platform design. 

At Secretariat, we apply advanced economic analysis to help clients navigate Sherman Act enforcement across a range of high-value industries: 

Health Care 

We advise on the antitrust risks of hospital consolidation, exclusive contracts with suppliers, and pricing practices among insurers, healthcare group purchasing organizations, and pharmacy benefit managers. Recent scrutiny has focused on conduct under Section 1 involving collusion or exclusionary contracting that may restrict competition and raise costs. 

“The Sherman Act safeguards competition as the cornerstone of a free market, a principle especially vital in healthcare, where anticompetitive conduct can raise prices and restrict patient access. In a sector where lives and livelihoods are at stake, the Sherman Act ensures that innovation and affordability aren’t casualties of consolidation.”

— Jason Albert, PhD, Director 

Auctions 

Bid rigging remains one of the clearest Sherman Act violations. We help clients detect, prevent, and litigate collusion in contexts including construction, spectrum auctions, advertising, foreclosure sales, and government procurement. 

“The Sherman Act prohibits collusive practices that undermine competitive bidding in auctions, such as bid rigging or market allocation, which distort price discovery and harm allocative efficiency. Robust auction competition is essential to preserving the Act’s core goal of protecting the competitive process.”

— Panos Dimitrellos, PhD, Associate Director 

“Historically, as much as 50 percent of the collusion cases brought by the US Department of Justice have involved alleged bid-rigging in auction markets. This illustrates the important role the Sherman Act plays in promoting competitive auction markets and the importance of diligently policing bidding practices in those markets.”

— Allan Ingraham, PhD, Managing Director 

Labor Markets 

The Sherman Act is increasingly invoked to address wage suppression, non-poach agreements, and monopsony power. From fast food franchises to tech giants, antitrust enforcers are challenging practices that restrain worker mobility and suppress wages. 

“The potential for anticompetitive practices by employers in labor markets has led to a renewed interest in using the Sherman Act to ensure fair competition for workers and prevent the abuse of employer monopsony power through practices such as agreements to fix wages, no-poach and non-compete agreements, or mergers and acquisitions that reduce competition in labor markets.”
— Stuart Gurrea, PhD, Managing Director 

At the CBV CONNECT 2025 Conference in Toronto, we had the privilege of presenting multiple panels, engaging with fellow business valuation professionals, and exploring the latest developments shaping the future of the industry.  

We’ve compiled key takeaways from our time at CONNECT 2025 below, highlighting critical insights from our speaking engagements and the emerging trends we’re watching in the world of business valuation.  

Understanding MAE clauses is a must when navigating high-stakes valuation and litigation scenarios in a post-COVID world. 

Aayush Mittal and Michael Moxley spoke on a panel about “Material Adverse Effects and Damages in Failed Merger Disputes,” a topic that continues to challenge courts, counsel, and companies alike. The session explored how MAE clauses are interpreted in practice, the legal and strategic considerations when invoking them, and the complex interplay between walk rights and damage remedies when deals fall apart. Understanding MAE clauses and their application has become essential knowledge for M&A practitioners, particularly in the post-COVID landscape, where buyers have attempted to walk away from deals due to performance declines.  

Sports teams are no longer “passionate investments,” but attractive assets with increasing returns.  

Shalabh Gupta and Amran Nawaz presented “Valuations of Sports Teams on the Rise: A Tale of Two Continents.” They discussed how sports teams are increasingly viewed as assets for sophisticated investors, with valuations influenced by factors such as league structures, revenue distribution, financial regulations, and growing fan bases. The discussion explored recent marquee transactions, including the Washington Commanders and Boston Celtics, highlighting how investment from private equity and sovereign wealth funds is reshaping the investment landscape. The presentation also touched on trends in value drivers such as the growth of women’s sports, investment in multipurpose stadium infrastructure, and the rise of multi-team ownership. 

In today’s increasingly complex valuation landscape, professional skills, thoughtful insights, and real-world experience matter more than ever.  

Ivy Tse noted the impressive diversity of Chartered Business Valuators attending CBV CONNECT—ranging from business executives, legal professionals, and other industry leaders. This multidisciplinary mix not only enriched the dialogue but also created meaningful networking opportunities across sectors. We were thrilled to help shape this dialogue, with both Secretariat-led sessions garnering well-received feedback from attendees. 

CBV CONNECT 2025 was a dynamic, knowledge-packed event, reflecting the exciting developments in the business valuation industry—from new tools and technologies to new approaches for navigating evolving global standards. Connect with us today to learn more about how these new and emerging developments could impact your organization. 

56 Secretariat experts were recognized in the Lexology Index 2025 Construction report as leading experts, lauded for their elite expertise, leadership, and client service. 12 of our experts were named as Global Elite Thought Leaders in the report, earning us the No. 1 spot in that category out of more than 650 ranked firms.

Lexology’s report showcases top construction industry experts around the world, based on comprehensive research and nominations from corporate counsel and peers. The Global Elite Thought Leaders tier is the most exclusive in the Lexology rankings, achieved by only 5% of listed professionals.

“This distinction underscores the caliber and global impact of Secretariat’s experts as well as the deep trust our clients place in us,” says Managing Director Don Harvey. “Uncompromising quality has always been a hallmark of our work and our professionals. This further demonstrates the excellence and credibility our team brings to the most complex and high-stakes matters around the world.”

From top global voices to brilliant young professionals emerging as leaders in the field, Secretariat’s experts bring unmatched quality and our collective decades of experience to the table, offering clear, concise opinions and a proactive approach to help clients navigate high-stakes matters with confidence.

Discover what clients and peers have to say about our elite experts in Lexology’s full report.

Global Elite Thought Leaders

  • Paul Roberts is regarded by clients as a “technically excellent expert” who is “robust and thorough in his approach.”
  • A “very well-regarded and solid expert,” Christopher Larkin is known as an “exceptional force in the construction space.”
  • Robert Poole is “very analytical,” incredibly responsive and diligent,” with references noting, “he delivers great work and is a fantastic witness.”
  • Liam Holder is “a brilliant expert, a huge authority and very reliable.” Clients see him as a “top name in the construction market” who “testifies very well and is strong in the box.”
  • George Taft, an “impressive and engaging expert,” is lauded by clients as being a “strong, hard-working experts who delivers great reports.” He is praised as being “very thorough and easy to work with.” 
  • Mike Allen “possesses in-depth knowledge and experience in the construction field.” Client say he applies his “great attention to detail” to “get to the crux of an issue and provide pragmatic and clear views.”
  • With a “great reputation in the Singapore market,” Amit Garg is commended as being “competent and on top of the matter.”
  • John Lancaster is “one of the top delay experts in the world,” valued for his “deep knowledge of delay analysis” and ability to “[perform] well under cross-examination.”
  • A “top-drawer forensic delay expert,” Mike Saulsbury “[provides] clear, concise, and accurate assessments” that impress clients and industry peers, and is regarded as being “confident and commanding under cross-examination.”
  • Don Harvey is lauded by clients for “his work in complex construction disputes, where he provides top-tier analysis on delay, disruption and cost issues.”
  • Ted Scott is “committed to expanding the role of forensic experts early on in order to help resolve disputes.” Clients note his ability to “jump into complex matters with ease.”
  • Meera Wagman is a “blend of tenacity, critical acuity and clear-sighted communications is particularly impressive.” Lexology quotes clients as saying Meera “excels in the fundamental technical skills necessary to her role while seeing the forest, not just the trees,” and that “she clearly communicates and drafts insights and analysis.”

Thought Leaders

  • Terry Hawkins is “precise, technically excellent and client-focused.” He is applauded for his “real attention to detail” and expertise in staying “brilliantly calm when cross-examined.”
  • With “absolute clarity in thought and the ability to stay on the ground with a steady but courteous demeanor,” Ben Burley is highly-regarded for his capacity to “foresee issues and advise on strategies to tackle them ahead of time.”
  • Jeffrey Wong, a “highly organized, methodical and technically skilled” expert, is trusted to “consistently [provide] strong, logical evidence.” Sources note that Jeffrey’s “ability to analyze complex matters with clarity and precision makes him a valuable asset to any case.”
  • Manus Bradley is praised in Lexology’s report as a “leading expert in the field” and an “outstanding delay expert.”
  • Clients commend Ian Greenhough as “one of the best quantum experts in the region.” They view him as a “highly competent expert who presents solid evidence” and remains “authentic and assured under cross-examination.”
  • Thomas Fertitta is a “strong schedule delay expert” who is “excellent in presenting claims and the basis for those claims to the tribunal.”
  • A “pragmatic practitioner,” Neil Gaudion has earned high praise from clients, who note that Neil is an “exceptional testifying expert.”
  • Mike Kling is described as “incredibly professional, diligent, and easy to work with,” with peers calling him an “outstanding expert.”

Recommended Professionals

  • Jonathan Brown is an “extremely well organized” expert who offers “high-quality work product.” One client notes, “he produced several helpful ideas which were highly beneficial to our client’s matter.”
  • “Quick to grasp the key issues and commercially minded,” Joel Glover is “very thorough, and produces high-quality analysis and written reports,” which clients praise as always being “well-reasoned, clear, and balanced.”
  • Charmy Patel is a detailed, collaborative, “highly professional and savvy expert” who sources trust to provide “high quality expert analysis and service.”
  • Georges Bader “has excellent analytical skills as well as oral and written advocacy.” He is regarded by clients as “extremely helpful and capable of quickly and efficiently reviewing documents” and producing clear, concise reports.
  • Regarded as a “top-tier expert,” Oliver Barnes is praised for his ability to provide fast, timely, impactful analyses and his “[excellence] in cross-examinations.”
  • Clients commend Mehmet Karakoc’s “ hugely impressive ability to assimilate enormous volumes of data and present it persuasively,” noting that he is “an excellent expert who does a lot of work in the construction field.”
  • Sue Kim is a meticulous, diligent expert with “strong skills in quantum analysis” and “an outstanding reputation in the market and amongst clients.”
  • Nicolas Noyer, a strategic expert who is known for being “detail-oriented and very pragmatic in his approach,” is commended for his leadership and his “great command of he details, knowing the documents inside and out.”
  • Kaz Rozputynski’s “deep understanding of delay matters in construction projects” fosters great trust from clients, with sources saying “he is very responsive and detail-oriented,” and a “diligent expert with excellent work ethic.”
  • Rhiann Storey possesses “excellent knowledge of the construction industry.” She is “thorough and able to handle a massive amount of data in a short period of time,” and is skilled in transforming that data into “clear and concise written work.”
  • Sources find Alex Ho to be a “diligent and patient expert.” They appreciate his “eye for detail” and detailed yet easily-understandable reports and analyses.
  • Matthew Wills “demonstrates a high level of competence by effectively untangling complex matters,” with clients lauding his prowess in presenting those issues “in a clear and understandable way.”
  • Kagan Aktas is an “excellent,” “extremely diligent and technically informed delay expert,” with clients saying, “his presentation is courteous, clear, and comprehensive.”
  • Chris Brindisi has garnered high praise from clients, with one stating, “Chris’s report writing stood out against everyone I’ve ever worked with.” He is regarded as a “very practical” expert and a “class act [whose] work product is always top quality.”
  • Bryan Byrd is renowned for his “deep expertise in cost and schedule analysis and has vast experience advising on major domestic and cross-border construction projects.”
  • Dan Clark offers clients a “strong ability to explain complicated concepts to a jury and “identify useful key points from a large amount of complicated information.”
  • A “very smart expert,” Tom Gaines impresses clients with his “technical abilities and intellectual capacity.”
  • A skilled and experienced expert, Wayne Kalayjian provides practical analyses and “first-rate presentation skills” to help clients navigate complex damages matters.
  • Chris Sullivan’s clients rely on his “excellent client relationship skills” and “deep knowledge of the construction process,” stating that he is “very organized, focused and gets to the point” and “excellent at distilling delay events in simple terms.”
  • A “fantastic construction expert,” sources laud Brian Triche for his impressive ability to “[back] up his findings with solid analysis.”
  • Les Ross is “an industrious expert” who is consistently “across the details of a matter and provides answers to queries in a prompt manner.”
  • Sena Gbedemah is a first-rate expert, praised by clients and peers for his “formidable technical prowess as a delay expert.”
  • Mark Vaughan-Jones comes heralded as “someone who is exactly what you want from an expert.” One source adds, “his thorough and detailed approach is reassuring.”
  • Brian Bowie is a “greatly appreciated delay expert” who is highly commended for his “technical skill and well-considered conclusions.”
  • Nelson Gallardo stands out for being “very detailed, precise and methodical in the search and organzation of facts to analyse and prepare objective reports.”

Future Leaders

  • Tom Hawkins is a strong communicator and detail-oriented expert who possesses an “excellent technical knowledge of quantity surveying and construction” and great ability to “[report] his findings accurately and reliably.”
  • Tosh Masson is viewed as a “brilliant, young expert” who “consistently delivers excellent report writing, combining clear, precise language with thorough analytical insight.”
  • An “exemplary expert witness in the field of quantum,” Gareth McDermott is praised by sources for “delving deeply into complex topics and providing comprehensive insights.” One client notes, “his preparation is thorough and meticulous, ensuring that every detail is carefully examined.”
  • Michael Pogue “consistently demonstrates professionalism and a strategic approach in his expert work,” with sources describing him as “meticulous in analysis and thorough in execution.”
  • Yasir Kadhim possesses “an impressive ability to absorb and distill large volumes of material quickly into draft reports and other key documents.” Clients trust him to “[think] proactively and [provide] strategic guidance on short notice.”
  • Stuart Allan is regarded as “a pleasure to work with, and clients would gladly collaborate with him again.” One client is cited as saying, “Stuart’s strategy was simply brilliant and delivered within a very tight timeframe.”
  • A “meticulous and precise practitioner” who is “well-known in the market,” Kelsey Bishop is applauded for her professionalism and her “outstanding knowledge” of the field.
  • Madison Clark is a “dedicated, hardworking” expert who can identify the causes and consequences of the changes in a construction schedule,” and then use that information to communicate and resolve issues “with simplicity and clarity.”
  • “Professional, confident, and concise in all his work,” Zackery Kilgore blends “deep [industry] knowledge” with “the rare ability to keep sight of the bigger picture without getting lost in detail.”
  • Vivienne Li is “an excellent delay expert” with broad international experience handling complex transport disputes. Sources say, “She is efficient, responsive and highly intelligent.”

In an era of intensifying regulatory scrutiny, shifting geopolitical priorities, and rapid technological advancements, the GRC Today Forum 2025 delivered critical insights for investigations and compliance professionals navigating this evolving landscape. Hosted by The Wealth Today and ADGM in Abu Dhabi, the forum gathered leading industry experts to explore how institutions can enhance governance and develop proactive risk management strategies amidst an increasingly stringent financial environment. 

As a proud sponsor of this year’s GRC Forum, Secretariat was honored to help shape this dialogue, sharing data-driven insights on jurisdictional vulnerabilities and strategic approaches to building resilient compliance frameworks.  

Our experts’ contributions and panel discussions—particularly our presentation on the Global Financial and Economic Crime Outlook 2025 and the Secretariat Economic Crime Index (SECI)—were met with positive feedback and reinforced our role as a leading authority helping organizations navigate the interconnected challenges of global compliance and financial crime prevention.   

Key Themes and Takeaways 

1. Bridging the C-Suite and Compliance: A Strategic Imperative 

The evolving relationship between compliance and C-suite professionals was a key discussion topic throughout the forum. In the panel “(Re)defining the Compliance and C-Suite Relationship,” moderated by Bhavin Shah, experts emphasized that compliance can no longer be a reactive obligation— it’s a strategic function that enables trust and informs critical decisions. When business leaders prioritize compliance strategies, they ensure regulatory alignment while driving long-term resilience. 

2. Regulatory Frameworks Are Evolving—So Must Institutions 

Regulatory frameworks are evolving to meet the demands of a more complex and interconnected financial landscape. Touching on international standards, financial crime, and operational resilience, the closing panel, “Regulatory Priorities and Enhancements to Regulatory Frameworks,” moderated by Ralph Stobwasser, emphasized that regulatory change is about smarter, more adaptive oversight. Institutions must embed foresight into their compliance strategies to stay aligned with shifting expectations and global enforcement priorities. 

3. AI Integration in Risk and Compliance 

AI was a recurring theme across multiple sessions, with real-world use cases demonstrating how organizations are integrating AI solutions into their business functions. From revolutionary RegTech technology to fraud detection and regulatory reporting, AI is reshaping compliance operations—but panelists emphasized the need for thoughtful integration, governed by transparency and ethics. As financial crime techniques evolve, institutions must leverage AI not only as a tool for detection but also as a strategic component of their broader risk management frameworks. 

4. Developing Frameworks for Emerging FinTech, Crypto, and DeFi Technologies 

The rise of digital finance presents opportunities and regulatory challenges. As FinTech and crypto ecosystems mature, institutions must build flexible, tech-enabled compliance frameworks that adapt to evolving licensing regimes, cross-border requirements, and digital asset scrutiny. 

5. Modernizing AML Toward Integrated Financial Crime Prevention 

Anti-money laundering (AML) efforts must evolve from siloed programs to integrated, enterprise-wide strategies. The forum highlighted the need for real-time data sharing, cross-functional collaboration, and unified risk views to combat increasingly sophisticated financial crime threats. 

6. Data-Driven Risk Management 

Tools like SECI and AI-powered analytics enable organizations to identify, respond to, and mitigate risk in real time. Organizations that understand and invest in these tools are better equipped to anticipate risk and demonstrate regulatory readiness in a rapidly evolving environment. 

These themes built directly on the momentum of the Global Investigations and Disputes Forum (GIDF), which Secretariat proudly cohosted with The Wealth Today last month in Dubai. While the GIDF explored the investigative and enforcement side of global risk—focusing on cross-border investigations, AI and blockchain in dispute resolution, and corporate integrity—the GRC Forum extended that conversation into the operational heart of compliance. Together, the two events offered a comprehensive view of the risk lifecycle, from identification and investigation to prevention, governance, and long-term resilience.  

At Secretariat, we’re proud to contribute to this global dialogue and help our clients navigate today’s complex regulatory landscape with confidence and clarity. 

Secretariat Experts and Colleagues at the GRC Today Forum:

Philip Nelson provided expert analysis and testimony for defendant Capital Petroleum Group in the District of Columbia v. Capitol Petroleum Group, LLC et al. matter, which was filed in the Superior Court of the District of Columbia.

This case involved the wholesale and retail sale of gasoline in the District of Columbia (DC) during the District’s COVID-19 emergency. The Plaintiff (the District of Columbia) alleged that the Defendant (Capitol Petroleum) had violated both DC’s Natural Disaster Consumer Protection Act (NDCPA) and its Consumer Protection Procedures Act (CPPA) by engaging in illegal price gouging and unfairly increasing profits on gas distribution during the COVID pandemic.

Secretariat was retained by Bassman, Mitchell, Alfano & Leiter, Chartered on behalf of the Defendant. Dr. Nelson provided compelling economic analysis that led the Plaintiff to drop its CPPA claim (akin to an FTC ACT unfair competition claim) and settle the NDCPA claim (a price gouging claim). With respect to the CPPA claim, Dr. Nelson’s testimony evaluated whether the Plaintiff had provided sufficient economic analysis to prove that the Defendant had significant, unilateral market power or were engaging in anticompetitive conduct. With respect to the NDCPA claim, Dr. Nelson provided economic analysis that supported the empirical studies conducted by another industry expert, who showed that the Defendant actually lowered their retail gasoline prices and lost money at the time they were alleged to have undertaken price gouging.

The Secretariat team supporting Dr. Nelson on this case included Jessica Serody, Madison Ondo, Ndeye Njie, Pranick Chamlagai, and Shahid Shabab.