John Montgomery, PhD

Managing Director

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

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

Dr. Montgomery has provided analysis and testimony on financial economics and valuation questions in a wide range of complex litigation and enforcement matters. In shareholder class actions, he has provided expert opinions and analysis addressing damages, price impact, loss causation, and market efficiency. In ERISA class actions, Dr. Montgomery has provided opinions and analysis related to employer stock, 401(k) fees, and decisions related to investment options. He has provided analysis in numerous insider trading cases. He has also provided analysis on issues related to the management of investment portfolios and investment companies, as well as on issues related to disclosure by investment companies and broker-dealers. Dr. Montgomery has led major projects related to regulatory investigations of stock exchanges, including latencies of data feeds and access to hidden orders, and the handling of retail order flow by brokers.

He has analyzed issues related to corporate financial litigation, including minority interests, M&A transactions, and share repurchase programs. Dr. Montgomery has worked on the valuation of corporate liabilities, including issues related to corporate bankruptcy, and has analyzed the value of company stock and debt obligations in the context of securities class actions. He has valued employer stock options, basket options, and other derivatives.

Dr. Montgomery has also provided expert opinions and litigation support on the response of governments to systemic banking and financial problems during financial crises. He worked on international banking and financial issues at the Federal Reserve Board, and was a member of the International Monetary Fund’s capital markets surveillance team, identifying regulatory issues of systemic concern in key markets worldwide. Dr. Montgomery has written articles on banking and financial regulation and taught courses on bank regulation, financial economics, and other subjects.

Dr. Montgomery also has deep expertise in international finance and macroeconomics. He has provided expert testimony related to macroeconomic developments in the United States, and has analyzed macroeconomic developments and policies in European economies. At Morgan Stanley, Dr. Montgomery was a senior member of the firm’s global economics team, developing innovative, market-leading analysis of international capital flows and their connections with global foreign exchange, fixed income, and equity markets. He was a member of the Federal Reserve’s international forecasting team and worked on international economic forecasting models at the International Monetary Fund. He was also the senior staff economist for international economics at the President’s Council of Economic Advisers. While working at the Council and at the Federal Reserve, he represented the U.S. government at international meetings on economic policy matters.

Before getting his Ph.D., Dr. Montgomery worked as a securities analyst, valuing equities of companies in various industries.

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