One Expert Witness’ Battle with Financial Companies
Having played a role in winning millions of dollars for investors who sued financial companies, it is safe to say that expert witness, Craig McCann, is not one of many brokerage firms’ favorite people. For years, McCann, a former U.S. Securities and Exchange commission Economist, has given testimonies that have exposed the unlawful activity of many securities firms.
As an anonymous securities arbitration lawyer says,
“Most of these securities firms don’t like Craig because his testimony hurts them. They don’t want someone who can lift the tent to show people what’s underneath it. He’s Public Enemy No. One.”
Recently, however, in a case against brokerage Morgan Keegan & Co Inc., a federal judge ruled that McCann gave a fraudulent testimony against the firm.
“The fact that McCann disclosed the discrepancy ahead of time and that the new testimony would have done nothing to change the outcome of the case has not stopped lawyers from using the ruling to attack McCann’s integrity. McCann did not deny revising his figures but the discrepancy, which he says was “minor,” would have done no good for Morgan Keegan.”
Because the stakes are so high for these firms (and because McCann has such a deep knowledge of the assessment and risks of securities), the opposing lawyers often try to challenge his qualifications and credentials.
The incident with Morgan Keegan & Co Inc. launched a full-fledged war against McCann by brokerages. McCann says that he,
“…thought it was the worst day of my life.”
McCann had to lay off three employees and leave four positions vacant within his consulting firm due to the fallout of business as word traveled about the Morgan Keegan ruling.
As time has passed, however, McCann’s business is beginning to pick up once again.
“Despite the onslaught of efforts to discredit McCann since the federal finding, McCann has begun to see subtle victories. Most recent among them: a Financial Industry Regulatory Authority arbitration panel denied a request by Bank of America’s Merrill Lynch unit to disqualify McCann after the brokerage’s lawyers raised concerns about the federal judge’s opinion.”
Regardless of McCann’s recent success, the ruling from the Morgan Keegan case will continue to haunt his record unless a new decision is made by the judge.
McCann prefers to look on the bright side, saying,
“While we’ve been seriously harmed by what’s happened, there’s no doubt we’ll succeed and prosper in the long run.”
If you have worked with Craig McCann in the past and would like to write a review on his work as an expert witness, please follow this link to his profile in Courtroom Insight’s Expert Witness Directory: Craig McCann’s Profile. If would like to write a review on a different expert witness, mediator or arbitrator, or judge, please visit our website here. To read the complete article in Reuters, please click here: Wall Street Fights Back Against Expert Witness in Lawsuits
Source: Barlyn, Suzanne. “Wall Street Fights Back Against Expert Witness in Lawsuits.” Reuters. February 14, 2012.