Retained by Jones Day
Vega supported two experts Dr. Thomas Lys and Peter Ross in six cases brought against RMBS servicers and master servicers. Sponsor plaintiffs claimed the servicers failed to adequately service the mortgage loans in the trusts and the master servicer failed to provide notice of representation & warranty breaches and failed to properly monitor the primary servicers.
Dr. Thomas Lys is the Eric L. Kohler Professor Emeritus at the Kellogg School of Management, Northwestern University. He is a specialist in accounting and in financial economics, holding a Ph.D. in accounting and finance. In these cases, Dr. Lys analyzed and rebutted the opposing damages expert’s assumptions and methodology. Dr. Lys uncovered several flawed assumptions as well as instances that the opposing expert double counted damages and improperly extrapolated losses. Dr. Lys provided recalculated damages to illustrate biases and errors in the opposing expert’s calculations which reduced damages by 50% or more.
Peter Ross is a Principal at PMI Consulting. He has first-hand experience directly managing three separate servicing operations and then working with over 20 mortgage banking companies. He opined on whether the primary servicer and master servicer acted in accordance with customary and usual servicing practices. Mr. Ross addressed whether certain servicing actions—such as the length of certain foreclosures, handling of servicing advances, or selection of vendors—would be seen as unusual or improper under the typical expectations of a master servicer.
After report submission, both experts continued to provide analyses of the plaintiff’s reply reports in preparation for deposition.