D. Lee Heavner

Managing Principal

Expert

D. Lee Heavner

Los Angeles

Education

Ph.D. and M.B.A., Graduate School of Business, The University of Chicago; B.S., economics, Massachusetts Institute of Technology

Summary of Experience

Dr. Heavner has consulted on a wide variety of antitrust, ERISA, and securities matters. His experience includes directing the support of expert witnesses retained on behalf of mutual fund advisors in some of the largest mutual fund excessive fee actions (Investment Company Act, §36(b)) ever filed, including In re American Funds Fee Litigation and Baker v. American Century Investment Management. The American Funds action challenged more than $15 billion in mutual fund fees. After a two-week trial, the district court ruled for our clients and dismissed the case with prejudice. The trial was the first in a mutual fund excessive fee action in more than 20 years.

Dr. Heavner also directed the support of expert witnesses retained on behalf of Alliance Capital in Florida State Board of Administration v. Alliance Capital Management. This case culminated in a trial in which a Florida jury found Alliance Capital not liable for the losses incurred by the Florida Retirement System pension fund. The verdict was a landmark ruling for active investment managers and was declared one of the top 10 defense wins of 2005 by the National Law Journal.

Dr. Heavner formerly taught economics and finance at Tulane University's A.B. Freeman School of Business.

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