Mr. Baliban is a Bates Testifying Expert whose professional practice has, for more than four decades, focused on resolving complex commercial disputes by providing independent evaluation studies of economic impact on the various parties involved. He is often asked to render independent opinions on historical and future losses of profit, the valuation of businesses and other income producing assets, solvency issues, intellectual property disputes, the determination of unjust enrichment, and many other accounting and economic matters. Mr. Baliban’s clients have come to include a diverse group of corporations and their counsel. He has, on numerous occasions, provided testimony as an expert witness in accounting, economics, business valuation, and other financial matters in various federal and state jurisdictions as well as in arbitration.
Mr. Baliban holds a BS in accounting (1977) and an MA in economics (1995). He is a Certified Public Accountant and is accredited in business valuation by the American Institute of Certified Public Accountants and the Association of Insolvency & Restructuring Advisors. He successfully completed Financial Industry Regulatory Authority (FINRA) Series 63 and 79 license examinations and is currently an adjunct professor of statistics at New York University School for Professional Studies.
Mr. Baliban has devoted considerable study to how changes in internal operations, external market factors, and other anomalous events affect business profits and business value. Over the years, he has directed various national and international projects in matters including (but not limited to) breach of contract and tort claims, intellectual property disputes, shareholder disputes, fair value measures in accordance with various jurisdictional and state statutory requirements; post-acquisition disputes, post-employment restriction claims, adversarial proceedings in bankruptcy, and solvency/fraudulent transfer analyses. In addition, Mr. Baliban has considerable experience as a damages expert in property and casualty insurance matters, including business interruption, contingent business interruption, loss of inventory measurement, and third-party liability matters. He has served on various arbitration panels as both a party representative and a third-party neutral.
Mr. Baliban has also directed many forensic accounting investigations with regard to fraud issues, SEC compliance, Ponzi schemes, and other Department of Justice investigations. He has experience in a wide variety of industries including banking and financial services companies, insurance and re-insurance, manufacturing, retail, telecom, petrochemical and energy, healthcare, Pharma, real estate and many others.
Mr. Baliban began his career in auditing at Ernst & Ernst (now Ernst & Young) in 1977. He has written and spoken widely on various accounting, economics, valuation, and damages issues.
Jeffrey is a consultant and subject matter expert in these Practice Areas and Services:
-
Securities and Financial Services Litigation & Consulting
- Retail Securities
-
AML & Financial Crimes
- Forensic Accounting
- Economic And Other Damages
- Valuation
- Forensic Accounting and Economic Damages
Credentials
EXPERIENCE
Bates Group LLC, Testifying Expert, 2022 – Present
Baliban Economics Consulting, LLC, Member, Present
Citrin Cooperman, Partner, Valuation & Forensic Services, New York, NY, 2015 – 2017
Alvarez & Marsal, Managing Director, Economic Litigation, New York, NY, 2012 – 2014
Navigant Consulting, Managing Director, Disputes, New York, NY, 2010 – 2012
NERA Economic Consulting, Senior Vice President, Securities and Finance Practice, New York, NY, 2003 – 2010
KPMG LLP, Senior Partner, Dispute Advisory Services, Dallas, TX, Los Angeles, CA, New York, NY, 1996 – 2003
Campos & Stratis LLP, Partner, Vice Chairman, Philadelphia, PA, London, UK, Dallas, TX, 1979 – 1996
Ernst & Ernst (nka Ernst & Young), Audit Staff, New York, NY, 1977 - 1979
EDUCATION
Bachelor of Science (BS), Accounting, Fairleigh Dickinson University, Rutherford, NJ
Master of Arts (MA), Economics, University of Texas at Arlington
PROFESSIONAL QUALIFICATIONS/LICENSING
American Institute of Certified Public Accountants (AICPA)
- CPA (Certified Public Accountant in Texas and New York)
- ABV (Accredited in Business Valuation)
- CFF (Certified in Financial Forensics)
Association of Restructuring and Insolvency Advisors (AIRA)
- CDBV (Certified in Distressed Business Valuation)
Financial Industry Regulatory Authority (FINRA) Examinations
- Series 63 – Uniform Securities Agent State Law
- Series 79 – Investment Banking
AFFILIATIONS
- New York University School for Professional Studies, Division of Programs in Business, MS – Integrated Marketing: Adjunct Instructor, Statistics
- OASIS Institute: A national organization that serves a diverse audience through educational centers and community partners in 27 U.S. cities, Board and Finance Committee
- Baruch College, CUNY: Executives on Campus Student Partnership Mentoring Program
REPRESENTATIVE ADVISORY PROJECTS
- Authored study analyzing economic costs and benefits of the state providing free access to civil legal aid for lower income population of Massachusetts. Study published as part of the October 2014 report of the Boston Bar Association Statewide Task Force to Expand Civil Legal Aid in Massachusetts. Given the BBA President’s Award for this contribution.
- Business valuation analysis, providing independent measurement of ongoing business value in both dispute and non-dispute circumstances.
- Economic impact analysis, charting the outcome of various decision scenarios and quantitatively estimating overall business impact.
- Consultant and analyst in various P&C insurance related issues including measurement of losses in heavy commercial and industrial property damage insurance claims, including property damage and cost accounting analyses, business interruption and lost profits, contingent business interruption and extra expense claims, third-party liability matters, fidelity bond claims, audits and subrogation actions.
- Economic analysis in intellectual property matters including measurement of lost profits damages/unjust enrichment, reasonable royalty and hypothetical negotiation estimation, market definition and elasticity of demand analysis. Application of Georgia Pacific factors in hypothetical negotiations to support reasonable royalty estimates. Application of audit and other investigative techniques to royalty reviews, including accuracy and completeness of licensee reporting, investigation of underreporting (intentional or unintentional), and objective analysis of systems and supporting information.
- Forensic accounting investigations regarding sufficiency and competency of audit evidence provided, cash flow tracing, review of internal audit systems, reconciliation of significant due-to/due-from balances for affiliated companies, embezzlement, and misappropriation investigations. Analysis of red flags for various fraudulent pyramid schemes.
- Damages analysis in class action matters to identify financial impact on class members and the extent to which they meet typicality and commonality standards.
- Independent arbitrator in a variety of accounting matters including post-acquisition and purchase price disputes.
PRESENTATIONS
- Uses and Abuses of Market Evidence: A Practical Guide to Using Market Evidence to Value Businesses. NYLJ Webinar May 2015
- Working Effectively with Experts
- Accounting and Finance Based Measures of Risk
- Business Interruption – Unique Loss Measurement Issues in Catastrophic Events. Webinar September 2011
- Top 10 Things Corporate Counsel Must Know About Bankruptcy
- Advanced Concepts in Complex Business Dispute
- Complex Commercial Disputes
- Insolvency Analysis
- Calculating Damages in Complex Fidelity Claims
- Fraudulent Conveyance in Bankruptcy
- Exploration of ‘Round-trip Transactions’ at Fiscal Year-end
- What Litigators Need to Know About Business Valuation
- Valuing Financially Distressed Businesses
- Measuring Business Damages in Complex Commercial Disputes
- Basic Econometrics in Commercial Damages Matters
- Post-Acquisition Disputes
- Complex Business Damages: The Economist’s Role
- Economic Analysis in Business Interruption Matters
- Accounting for Lawyers
RECENT ARTICLES
- Chapter 33: An Overview of Accounting and Financial Analysis in Fraudulent Transfer Matters, The Comprehensive Guide to Economic Damages, Fourth Edition, Volume 1, (2016) 886 – 909.
- Credit Default Swaps and Solvency Analysis, Law360, (February 2016)
- Valuing the Illiquidity of Controlling Interests in Privately Held Companies, New York Law Journal, (August 2015).
- Distinguishing Between Enterprise Value and Equity Value, ABA Bankruptcy & Insolvency Litigation, Vol. 19 No. 3 (Spring 2014),
- Predicting Financial Failure Using Key Financial Ratios, ABA Bankruptcy & Insolvency Litigation, Vol. 19 No. 2, (Winter 2013).
- Financial Statement Analysis in Determining Solvency, ABA Bankruptcy & Insolvency Litigation, Vol. 18 No. 4 (Summer 2013).
- How Cap Rates Can Be Calculated – And Challenged, ABA Bankruptcy & Insolvency Litigation, Vol. 18 No. 3, (Spring 2013).
- Cramdown Interest Rates: What Till Tells Us, ABA Bankruptcy & Insolvency Litigation, Vol. 18 No. 1, (Fall 2012).
- A Primer on Discount Rates (Part 1), ABA Bankruptcy & Insolvency Litigation, (May 2012).
- A Primer on Discount Rates (Part 2), ABA Bankruptcy & Insolvency Litigation, (August 2012).
- Measuring Reasonably Equivalent Value, ABA Bankruptcy & Insolvency Litigation, (February 2012).