The Comprehensive Guide to Economic Damages, Seventh Edition
April 2023 Hardcover, PDF (501 pages)
Business Valuation Resources, LLC
NOTE: Print copies of this title are expected to ship in early April.
This new edition, edited by Bill Scally, Jimmy Pappas, and Steve Veenema, features 50 chapters drawing on the expertise of over 70 financial experts and attorneys.
The Comprehensive Guide to Economic Damages, 7th Edition combines the economic expert’s knowledge of damages calculations and methods with legal and case analysis. It provides a deep and rich resource for financial experts and attorneys seeking guidance on appropriate remedies and related damages calculations, and addresses many of the problems that may arise in any case. With each successive edition of this guide, the editors and authors have drilled deeper into existing topics, and broadened the scope of damages material covered. The breadth and depth of topics discussed, along with 300 court case digests, makes this guide the most comprehensive body of knowledge relating to economic damages available.
The fifty chapters in this new edition now extend over two volumes. This ever-expanding guide is about financial evidence: how to gather it, interpret it, and tell its story in a lawsuit or litigation setting. Among other topics, three brand new chapters address commercial success, economic damages in cryptocurrency, and lost profits analysis in cannabis establishments. Beginning with the seventh edition, purchasers will be able to access damages-related case digests sourced from BVR’s extensive digest collection digitally, allowing readers to filter by case type, jurisdiction, and court.
Highlights of the new edition include:
- A knowledge base that allows for a better working relationship between a financial expert and the attorney. Experts are most beneficial to attorneys when they’re well-informed about damage remedies and the context in which they are calculated. When an expert is more knowledgeable, he or she can be more valuable to the attorney in terms of the various options for remedies, given a particular context.
- Comprehensive materials on a variety of damages measures—This new edition includes measurements on lost profits or value, unjust enrichment, intellectual property damages, other commercial damages, and expanded content on personal injury and wrongful termination.
- In-depth analysis—This guide includes expanded analysis of motions to exclude experts and a review of the concept of reasonable certainty, based on significant research on the topic.
VOLUME ONE
About the Editors...ix
Acknowledgments...xi
Author Bios...xv
Foreword...1
Part I. Expert Testimony in the U.S. Courts
Chapter 1. Professional Standards for Experts... 5
By Michael A. Crain, DBA, CPA/ABV, CFA, CFE
Chapter 2. The Process: A Brief Introduction to the U.S. Court Systems, From Filing to Appeal... 13
By Jonathan M. Dunitz, Esq., and Clifton T. Hutchinson, Esq.
Chapter 3. Spoliation of Evidence... 35
By David B. Chaffin, Esq., and Rachel J. Eisenhaure, Esq.
Chapter 4. A Guide to Electronic Discovery and Evidence... 61
By Daniel K. Gelb, Esq., and Richard M. Gelb, Esq.
Chapter 5. Expert Depositions: Accountants, Economists, and Appraisers... 73
By Daniel I Small, Esq.
Chapter 6. The Reasonable Certainty Requirement in Lost Profits Litigation: What It Really Means. 89
By Robert M. Lloyd, Esq. ,
Chapter 7. Motions to Exclude Financial Experts and Expert Testimony... 119
By Jonathan M. Dunitz, Esq., Clifton T. Hutchinson, Esq., and Robert M. Lloyd, Esq.
Part II. Lost Profits Damages
Chapter 8. Professional Liability Risk Management for Valuation Professionals...161
By Steven M. Platau, J.D., CPA
Chapter 9. Context of the Lost Profits Damages Claim ... 185
By Jonathan M. Dunitz, Esq., and Tyler L. Farmer, Esq.
Chapter 10. Planning Credible Lost Profits Analyses for Financial Experts...197
By Robert P. Gray, CPA/ABV/CFF, CGMA, CFE, Robert B. Kester, CPA/ABV/CFF, Mark S. Fenzel, Esq., and Kevin L. Chlarson, Esq.
Chapter 11. Projecting But-For Profits... 229
By Stacey Udell, CPA/ABV/CFF, CVA
Chapter 12. Establishing Evidence in Lost Profits Cases... 249
By Tom Burrage, CPA/ABV, CVA, CFF, and Clifton T. Hutchinson, Esq.
Chapter 13. Lost Profits Versus Lost Business Value... 263
By Tyler L. Farmer, Esq., and Neil J. Beaton, CPA/ABV/CFF, CFA, ASA
Chapter 14. Discounting Lost Profits in Damage Measurements... 279
By Michael A. Crain, DBA, CPA/ABV, CFA, CFE
Chapter 15. Discounting Damages: Case Law... 289
By Robert M. Lloyd, Esq.
Chapter 16. Use of Forensic Evidence in a Lost Profits Case... 305
By Michael Kaplan, CPA/ABV/CFF, CVA, MAFF, and Rebekah Smith, CPA/CFF, CVA, MAFF
Part III. The Unjust Enrichment Remedy
Chapter 17. Introduction to Remedies in Equity... 321
By George P. Roach
Chapter 18. Counting the Beans: Unjust Enrichment and the Defendant’s Overhead... 331
By George P. Roach
Chapter 19. Restitution Rollout: The Restatement (Third) of Restitution & Unjust Enrichment: Counter-Restitution for Monetary Remedies in Equity... 405
By George P. Roach
Part IV. Appendices
Appendix A. Links to Ethical Guidelines Published by Member Organizations... 445
Appendix B. Links to Requirements for Certifications, by Organization... 446
Appendix C. Comparison of AICPA Professional Standards and Federal Rule of Evidence 702... 448
Appendix D. Expert Gatekeeping by Jurisdiction... 449
Appendix E. Federal Rules of Evidence Pertaining to Expert Testimony... 494
Appendix F. Federal Rules of Civil Procedure Pertaining to Expert Testimony... 499
Appendix G. Reference Manual on Scientific Evidence: 3rd Edition (2011), Selected Sections.... 501
VOLUME TWO
Part V. Damages in Specific Industry Settings
Chapter 20. Calculating Damages for Early-Stage Companies
By Neil J. Beaton, CPA/ABV/CFF, CFA, ASA, and Tyler L. Farmer, Esq.
Chapter 21. Lost Profits for Physician Practices and Violation of Noncompete Agreements
By Kevin Yeanoplos, CPA/ABV, ASA
Chapter 22. Fair Market Value in Regulations Impacting Physician Practices and Healthcare-Related Government Enforcement Actions
By Pamela Coyle Brecht, Esq.; Alice G. Gosfield, Esq.; David H. Glusman, CPA/CFF, FABFA, Cr.FA, CFS; and Thomas W. Reinke
Chapter 23. Lost Profits Issues Unique to the Government Contracts Industry
By Patrick A. McGeehin, CPA, Daniel E. Johnson, Esq., and Evan Sherwood, Esq.
Chapter 24. Construction Claims
By Robert Mercado, CPA, CCIFP and Joseph Natarelli, CPA
Chapter 25. Lost Profits for Automobile Dealerships
By Timothy W. York, CPA/ABV, and Adam Lawyer, CPA/ABV/CFF
Chapter 26. Franchise and Dealership Litigation Damages
By Mark M. Leitner, Esq., Joseph S. Goode, Esq., and Ted Stockton
Chapter 27. Lost Profits Analysis in Eating Establishments
By Ron Seigneur, CPA/ABV, ASA, CVA
Chapter 28. Damages and Right of Publicity Infringements
By Mark Roesler, Esq.
Chapter 29. Lost Profits Analysis in Cannabis Establishments
By Ryan Cram, CVA, and Ron Seigneur, CPA/ABV, ASA, CVA
Chapter 30. Economic Damages in Cryptocurrency
By Nicholas Oldack, ASA
Part VI. Intellectual Property Damages
Chapter 31. Intellectual Property Overview
By Michael A. Crain, DBA, CPA/ABV, CFA, CFE
Chapter 32. Patent Infringement Damages: Lost Profits and Royalties
By Richard F. Bero, CPA/ABV, CVA, CLP, and Autumn N. Nero, Esq.
Chapter 33. Design Patent Damages
By Richard F. Bero, CPA/ABV, CVA, CLP, and Christopher V. Carani, Esq.
Chapter 34. Trade Secret Damages
By Richard F. Bero, CPA/ABV, CVA, CLP, and Eric H. Rumbaugh, Esq.
Chapter 35. Commercial Success
By Richard F. Bero, CPA/ABV, CVA, CLP, and Shane A. Brunner, Esq., CPA
Chapter 36. Lost Profits (and Other Damages) in Trademark and Copyright Cases
By Rick Hoffman, CPA/ABV, and Milan Politi, J.D.
Chapter 37. Uses of Survey Research in Damages Estimation
By Larry Chiagouris, Ph.D., and Leon Kaplan, Ph.D.
Chapter 38. Using Internet Analytic Tools for Valuation and Damages Calculations in Internet IP Infringement and Defamation Cases
By Doug Bania, CLP
Chapter 39. Profit Apportionment in Intellectual Property Infringement Damages Calculations
By Brian Buss, CFA
Appendix: Contribution Questions for Profit Apportionment Analyses
Part VII. Personal Injury/Wrongful Death
Chapter 40. Economic Damages From Personal Injury and Wrongful Death
By Madison L. Field, CFE, CVA; Robert D. (Rob) King, CPA/ABV/CFF; and James A. (Jim) Koerber, CPA/ABV/CFF
Chapter 41. Damages in Common-Law Employment Cases
Chapter 41. Determining Damages in Common-Law Employment Matters
By Robin Banck Taylor, Esq., J. Lott Warren, Esq., Madison L. Field, CFE, CVA, Robert D. (Rob) King, CPA/ABV/CFF, and James A. (Jim) Koerber, CPA/ABV/CFF
Part VIII. Other Damages Analyses
Chapter 42. Financial Forensic Services for Internal Investigations
By Peter Resnick, CPA, CFF, CFE, and Greg Naviloff, CPA, CFF, CFE, ABV
Chapter 43. An Overview of Accounting and Financial Analysis in Fraudulent Transfer Matters
By Jeffrey L. Baliban, MA Econ, CPA/ABV/CFF, CDBV
Chapter 44. Piercing the Corporate Veil: An Alternative Strategy to Collect Damages
By Elizabeth S. Fenton, Esq., and Kyle Anne Midkiff, CPA, CFE, CFF
Chapter 45. Business Interruption and Damage Claims
By John Garaffa, Esq.
Chapter 46. Compensation Forfeiture: Stacking Remedies Against Disloyal Agents and Employees
By George P. Roach
Chapter 47. Post-Acquisition Disputes and Related Damages
By Kenneth Mathieu, CPA/ABV/CFF; Jared Bourgeois, CPA/ABV, CFE; and Christian Fabian, Esq.
Chapter 48. Event Studies in Securities Litigation
By Sean T. Malone, Ph.D.
Chapter 49. Use of Statistical Analysis to Measure Damages
By Gabriela Orsak, Ph.D., and Charles D. Cowan, Ph.D.
Chapter 50. Representations and Warranties Insurance
By Kenneth Mathieu, CPA/ABV/CFF, Christian W. Fabian, Esq., Stephen Davidson Esq., Anthony Dragone Esq., Jennifer Drake Esq., Vipul Patel Esq., Thomas K. Cauley Jr., Esq., and Renee McMahon
