How we helped

AlixPartners was called on to assess the defendant's due diligence practices for seven securities and to review and analyze approximately 2,000 due diligence documents produced by defendants and various vendors during discovery. Our team was asked to review the opposing expert’s rebuttal and provide feedback. Charles Cipione, Partner and Managing Director at AlixPartners, was appointed to act as an expert witness at trial. 

Our Data Analytics team systematically tagged each document with the related diligence workstream and created unified databases of each workstream from the disparate data sources for analysis and summary statistics. We successfully recreated the exhibits presented by the opposing expert with cited source documents. Effectively, we used the defendant's data against their own experts. 

The result was a favorable ruling. AlixPartners created a detailed system for tracking due diligence loan by loan (15,788 loans across all securities), a level of tracking which defendants did not have ready access to and which showed materially defective loans were securitized. As a result, our team helped counsel understand the cause of data inconsistencies and forced assumptions to recreate the opposing expert’s exhibits, and equipped counsel with questions for the opposing expert's deposition that ranged from damaging to disqualifying. 

"Charles Cipione’s eloquent testimony on how to access, interpret, and explain information from our compiled databases illustrated its accuracy and a compelling data argument, which led to a $839 million settlement and the judge to conclude: 'The magnitude of falsity, conservatively measured, is enormous.'"
—Judge in data case

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