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Appraisers Continue to Be Excluded Most Under Daubert, Per PwC Study

Under Daubert, appraisers were excluded more often in 2021 than any other type of financial expert witness, according to the latest edition of an annual PwC survey. Of the three most common financial experts (economists, accountants, and appraisers), appraisers had a 38% exclusion rate in 2021, followed by accountants (32%) and economists (27%). The article gives more insights into the survey and some ways to avoid a Daubert challenge.

Appraisers have highest exclusion rate under Daubert, per PwC study

Under Daubert, appraisers were excluded more often in 2021 than any other type of financial expert witness, according to the PwC survey, “Daubert Challenges to Financial Experts (2000-2021).”

Some surprising takeaways from the VSCPA BV conference

The Virginia State Society of CPAs held its 22nd annual Forensic and Valuation Conference. Harold Martin (Keiter) chaired the two-day conference and acknowledged the help of a task force in putting the event together. The sessions and speakers were top-notch, and some of the takeaways from the first day’s sessions may surprise you.

Appraisers Have the Highest Exclusion Rate Under Daubert, Per PwC Study

A look at the latest study from PwC that analyzes challenges to financial expert witnesses (appraisers, accountants, economists, and others) under the Daubert standards from 2000 to 2020. Also, some classic advice on how to survive a Daubert challenge.

Rule 702 and the Daubert Standard

Recently, another case has raised questions about what is and what is not admissible. In Auto Konnect, LLC v. BMW of N. Am., LLC; 2022 U.S. Dist. LEXIS 42345 *, the court allowed the testimony of a damages expert for the plaintiff who, according to the defendant, was not a CPA.

King v. King

In this Maryland divorce case, the Court of Special Appeals affirmed the trial court on all appealed issues including marital property determinations; monetary award to the wife; determination of incomes of the husband and wife; and determinations of alimony, child support, and related expenses. The Court of Special Appeals also affirmed that the husband’s business was not a gift and was marital property, and it determined the value of the business as the wife’s expert presented. Both parties were forensic accountants.

Maryland Appellate Court Affirms Trial Court on Value of Husband’s Business as Well as Several Other Divorce-Related Issues

In this Maryland divorce case, the Court of Special Appeals affirmed the trial court on all appealed issues including marital property determinations; monetary award to the wife; determination of incomes of the husband and wife; and determinations of alimony, child support, and related expenses. The Court of Special Appeals also affirmed that the husband’s business was not a gift and was marital property, and it determined the value of the business as the wife’s expert presented. Both parties were forensic accountants.

Experts in, lay witnesses out in damages case

In a Michigan case, there were a number of motions to exclude expert witnesses in a damages case that involved employee poaching in the automotive industry.

Proposed Rule 702 Change Targets Unqualified Experts

Too many experts who are not qualified are being allowed to testify in court, and this has triggered proposed changes to strengthen Rule 702, which is the federal rule of evidence regarding testifying experts.

So You Want to Testify as a Financial Expert Witness? Testimony Tips, Traps and Video Demonstrations From the Trenches

Learn how to testify in bench and jury trials and depositions from a seasoned forensic CPA who has testified in the trenches for 27 years. See video clips from an actual testimony by Robert Vance and from popular TV shows and movies (which are mostly very humorous) to learn how to answer questions and keep your cool. Receive tips on how to construct your litigation-oriented curriculum vitae and engagement letter. Get prepared for subpoenas, Daubert ...

BV News and Trends March 2022

A monthly roundup of key developments of interest to business valuation experts.

Proposed rule change cracks down on testifying experts

Too many experts who are not qualified are being allowed to testify in court, and this has triggered proposed changes to strengthen Rule 702, which is the federal rule of evidence regarding testifying experts.

Auto Konnect, LLC v BMW of North America, LLC

The U.S. District Court (Michigan) denied motions to exclude the plaintiff’s and the defendant’s expert witnesses and granted motions from both parties to exclude “expert” testimony from lay witnesses. The case involved alleged breach of contract on the part of the defendants regarding raiding of the plaintiff’s employees, and damages related thereto.

U.S. District Court Denies Motions to Exclude Experts but Grants Motions to Exclude Lay Witnesses ‘Expert’ Testimony

The U.S. District Court (Michigan) denied motions to exclude the plaintiff’s and the defendant’s expert witnesses and granted motions from both parties to exclude “expert” testimony from lay witnesses. The case involved alleged breach of contract on the part of the defendants regarding raiding of the plaintiff’s employees, and damages related thereto.

Questions a Trier of Fact Will Ask About Your Valuation

The fear of every valuation analyst is to be unprepared to answer a question in a deposition or on the witness stand. Here are some questions a judge or attorney will likely ask, either directed to themselves when reviewing your report or directly to you.

BVLaw Review: The Top Valuation Cases of 2021

Here is our pick for the state and federal court decisions that enhanced our understanding of valuation issues as they arose in a litigation setting during 2021.

Latest editions of two BVR yearbooks now available

Over 70 articles and hundreds of news items are included in the Business Valuation Update Yearbook, 2022 edition.

Poll: Some BVers say ‘no way’ to testifying in court

About one in five (18%) of business valuation experts who do divorce cases have no interest in testifying in court, according to a recent poll.

Incompetent valuation KOs jury verdict

The jury’s verdict in an eminent domain trial could not stand because the jury relied solely on the valuation the expert for the Pennsylvania Department of Transportation (PennDOT) did, “which was incompetent.”

Mock trial event this Friday, November 5

At the ASA International Conference in Las Vegas, BVWire chatted with the folks from the Houston ASA Chapter, who are having a full-day mock trail event this Friday, November 5.

State Route 00700, Section 21H v. Bentleyville Garden Inn, Inc. (In re Condemnation by DOT)

The jury verdict was set aside in this Pennsylvania condemnation case for reliance on an incompetent report by the expert witness for the Pennsylvania Department of Transportation. The report did not account for the damages the hotel incurred on the unclaimed property for loss of business due to the condemned property. Additionally, the court decided that a new trial, which the trial court did not allow, should be allowed and remanded for a new trial.

Verdict Based on an Expert’s Incompetent Report Cannot Stand, New Trial Ordered

The jury verdict was set aside in this Pennsylvania condemnation case for reliance on an incompetent report by the expert witness for the Pennsylvania Department of Transportation. The report did not account for the damages the hotel incurred on the unclaimed property for loss of business due to the condemned property. Additionally, the court decided that a new trial, which the trial court did not allow, should be allowed and remanded for a new trial.

Jim Alerding joins BVR as legal editor

BVR is extremely pleased to announce that veteran valuation expert Jim Alerding, CPA/ABV (Alerding Consulting LLC), has joined us as legal editor.

BV News and Trends July 2021

A monthly roundup of key developments of interest to business valuation experts.

Valuers and Attorneys Advise How to Stay Out of Daubert Trouble

Several sessions at the inaugural BVR National Economic Damages Virtual Conference discussed how valuation experts can avoid the nightmare of having their testimony excluded in court. Of course, much of that applies to any type of case, not just damages.

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