Expert in Financial Services

·  Domestic and Global Securities Custody

·  Asset Servicing

·  ERISA Title II and fiduciary issues.

Unique In-house Experience

Knowing “the belly of the beast” will help firms identify, assess, develop and prosecute (or successfully settle) claims against banks and other financial institutions with custody or control of client assets.

Claims may involve losses due to negligence in custody operations, including improper settlements, reporting or custody of assets, as well as missed corporate actions, etc. or negligence in asset administration, including the appointment and oversight of foreign or domestic sub-custodians and the lack of proper risk control.

The best time to engage an expert is BEFORE a complaint is filed. This will assure that allegations can be supported with expert testimony – it may prevent critical counts from being dismissed. Early consultation may also result in additional bases for liability, where a preliminary review of the facts by an expert with inside experience may provide insights that could be missed by others.

Summary of Experience

Banking experience includes 21 years as in-house counsel to the Trust and Custody divisions of Chase Manhattan Bank and The Bank of New York Mellon. Advice was also provided to the banks’ Capital Markets and Investment Management divisions regarding ERISA and custody issues.

As Labor Relations and Benefits Counsel to Lever Brothers Company for 7 years, I helped design, maintain and administer the company’s defined benefit, 401(k) and executive benefit plans. Experience included investment activity, including the assessment and negotiations of GICs, appointment of service providers and fiduciary oversight.

Private practice in the Asset Servicing field during the past 7 years has included work for banks and fund sponsors. Projects included preparation of fiduciary checklists, negotiation of custody, trust and financial services agreements, advice regarding the contribution of company stock and the administration of foreign tax reclaims.

Expert Witness Experience

I have served as an expert witness in three matters, all of which were successfully settled short of trial:

·  Expert for plaintiffs against Irish Funds where the global custody bank defendant improperly acquiesced in the appointment of Bernard Madoff as a fund sub-custodian. Where the defendant had engaged high-profile experts to testify that Madoff’s fraud was undetectable, I was able to re-focus the plaintiff’s claims to demonstrate negligence in the fundamental sub-custodian selection process, which rendered the bank’s primary defense irrelevant.

·  Expert for a private investor plaintiff where the negligent reporting and oversight of the US custody bank permitted the client’s investment manager to defraud its clients. My familiarity with best practices for core operations and controls was essential to the development of the plaintiff’s case.

·  Expert for the SEC where an investment manager failed to comply with the Custody Rule, requiring the use of custody banks to hold client assets and surprise audits where the manager is deemed to have custody of the assets. My understanding of the Rule and its purpose in the context of fraud detection and prevention enabled the SEC to present its claims effectively and achieve a prompt settlement.

Examples of Areas of Expertise

·  Directed Trustee and Custodial Duties and Agreements

·  Global and Domestic Custody Operations and Best Practices

o  Pension Funds

o  Mutual Funds

o  Endowments / Foundations

o  Corporate Assets

·  Trade Settlement Operations

·  Settlement / Custody / Documentation of Non-Traditional Assets, including:

o  Limited Partnerships

o  LLCs

o  GICs / GACs

o  Group Trusts

o  Hedge Funds

·  Derivatives Processing / Reporting / Documentation (both bi-lateral and exchange-traded)

·  Collateral/Account Control Duties and Agreements

·  Foreign Exchange, including ERISA Exemption Procedures

·  Selection, Oversight and Management of Sub-Custodians

·  Tax Reclaim Administration

·  Corporate Actions

·  Proxy Voting

·  Company Stock

·  Collective Investment Funds, including STIFs

·  Luxembourg and Irish Fund Administration

·  Bank Deposit Vehicles

·  Overdraft Facilities

·  Risk and Compliance Department Function / Risk Mitigation / Risk Controls

·  Mutual Fund Back-Office, Accounting and Administration

·  Rules 17f-5 and 7 for foreign custody of US Mutual Fund assets

·  ERISA plan asset issues

·  ERISA foreign asset custody rules

·  ERISA prohibited transactions

·  Risk Management