John Montgomery, Ph.D.

John Montgomery, Ph.D. is a Managing Director at Intensity, LLC. He has testified at trial in U.S. district courts, U.S. Tax Court, and Delaware Chancery Court and in arbitration. He has provided expert reports, affidavits, and depositions, conducted complex economic, financial, and statistical analysis, and managed numerous litigation projects. His expertise includes:

• Financial economics
• Securities
• Financial statistics and econometrics
• Valuation
• Banking and financial regulation
• International finance

Dr. Montgomery has provided analysis and testimony on financial economics and valuation questions in a wide range of complex litigation and enforcement matters. He has also had extensive experience on financial issues related to banking, including bank failures, government intervention in financial crises, bank capital regulation, and deposit insurance.

| Securities & Investment Litigation. In securities class actions, Dr. Montgomery has provided expert opinions and analysis addressing damages, price impact, loss causation, and market efficiency. In Employment Retirement Income Security Act (ERISA) class actions, he has provided opinions and analysis related to employer stock, fees, and decisions to change investment options. He has also provided analysis on issues related to the management of investment portfolios, as well as issues related to disclosure by investment companies and broker-dealers. He has analyzed and testified on risk and return characteristics of financial products.  He has valued employer stock options, basket options, and other derivatives.

| Trading and Market Structure.  Dr. Montgomery has led major projects related to regulatory investigations of stock exchanges, including latencies of data feeds and access to hidden orders, and to the handling of retail order flow by brokers.  He has also provided analysis in numerous insider trading cases, both for prosecutors and for defendants.  In addition, he has worked on issues involving alleged market manipulation and on the price impact of trading.

| Corporate Finance & Bankruptcy. Dr. Montgomery has analyzed issues concerning minority interests, merger and acquisition transactions, and share repurchase programs. He has worked on the valuation of corporate liabilities, including issues related to corporate bankruptcy, and has analyzed the value of company stock and debt obligations in the context of securities class actions.

| Banking. Dr. Montgomery has also provided expert opinions and litigation support on the response of governments to systemic banking and financial problems during financial crises. He worked on international banking and financial issues at the Federal Reserve Board, and was a member of the International Monetary Fund’s capital markets surveillance team, identifying regulatory issues of systemic concern in key markets around the world.

Earlier in his career, Dr. Montgomery worked as an economist for the Federal Reserve Board, International Monetary Fund, President’s Council of Economic Advisers, and Morgan Stanley. At Morgan Stanley, he was a senior member of the firm’s global economics team, developing innovative, market-leading analysis of international capital flows and their connections with global foreign exchange, fixed income, and equity markets.  Dr. Montgomery began his career as a securities analyst valuing equities of companies in a variety of industries.

Dr. Montgomery has written articles on banking and financial regulation, and taught courses on bank regulation, financial economics, and other subjects.

Dr. Montgomery earned his Ph.D. in economics from Princeton University. He also earned a M.Sc. in Economics from the London School of Economics and a B.A. in Economics with honors from Yale University.