D. Lee Heavner

Managing Principal

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 litigation topics, including ERISA, securities, and antitrust. In all of these areas, he has analyzed issues related to class certification, liability, and damages. Dr. Heavner’s ERISA casework includes several disputes over the fees and services provided to multi-billion dollar retirement plans. His securities litigation experience includes directing the support of expert witnesses retained on behalf of mutual fund advisors in many of the largest mutual fund excessive fee actions (Investment Company Act, §36(b)) ever filed, including three such cases that have gone to trial. His other finance and securities casework includes cases involving allegations of securities fraud, imprudent asset management, and investment suitability. In Florida State Board of Administration v. Alliance Capital Management, Dr. Heavner directed the support of expert witnesses retained on behalf of Alliance Capital. 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 ten defense wins of the year by The National Law Journal. Dr. Heavner’s antitrust experience includes matters involving allegations of collusion (including alleged concerted refusals to deal), anticompetitive vertical restraints of trade, predatory pricing, illegal price discrimination, mergers, and standards setting. Known for his ability to concisely present complex economic concepts in an accessible manner, Dr. Heavner formerly taught economics and finance at Tulane University’s A.B. Freeman School of Business.

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