nuts & bolts of lost profit cases

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Nuts & Bolts of Lost Profit CasesCOMPLEX FINANCIAL LITIGATION 2016 SERIES

Premier date: March 16, 2016

Premier Date: March 16, 2016

Nuts & Bolts of Lost Profit Cases

COMPLEX FINANCIAL LITIGATION 2016 SERIES

© 2016 DailyDAC, LLC d/b/a/ Financial Poise™ 2

WE WOULD LIKE TO TAKE THIS OPPORTUNITY TO THANK OUR SPONSORS



meet the facultyPANELISTS

Mark Filler, CPA/ABV,CBA,AM,CVA Filler & Associates, P.A. Bill Metzdorff, CMA, CFE Wipfli LLPKatherine Puffer, CPA/ABV, CPCU, CDFA VH Valuations

MODERATORJack Barber,

Crowe Horwath LLP


Practical and entertaining education for business owners and executives, accredited

investors, and their legal and financial advisors. For more information, visit

www.financialpoise.comDISCLAIMER: THE MATERIAL IN THIS PRESENTATION IS FOR INFORMATIONAL PURPOSES ONLY. IT SHOULD

NOT BE CONSIDERED LEGAL ADVICE. YOU SHOULD CONSULT WITH AN ATTORNEY TO DETERMINE WHAT MAY BE BEST FOR YOUR INDIVIDUAL NEEDS.

http://www.financialpoise.com/


about this webinarBusiness owners and management often face circumstances where an outside business partner, vendor, or supplier fails to live up to their end of an agreement. When that happens, the harmed business must consider whether to make a claim seeking repayment of profits lost as a result of the problem. Asserting an effective claim to recover lost profits requires understanding how the courts will measure the lost profits so that the claimant can assemble necessary information to support the claim. Defending against a claim for lost profits necessitates understanding the common methods to reduce or even eliminate lost profits as a viable measure of damages. In this webinar, our expert panel will explain when businesses may seek damages for lost profits, what they need to prove to recover, how defendants can oppose these claims, and how courts analyze these claims.


about this seriesBusiness owners and executives, and the attorneys and other professional who advise them, need to be prepared for the possibility that ordinary business activities will lead to litigation. Internal disputes sometimes arise among the owners, shareholders, and investors who participate in a business. Businesses themselves often face disputes with their business partners, vendors, suppliers, and creditors. Financial Poise’s Complex Financial Litigation series will familiarize you with the common types of business litigation and will help you understand the common issues that arise in these disputes.

Join leading experts in this field as they walk you through discussions of these complex topics in plain English so that you are prepared when the next dispute arises.

As with all Financial Poise webinars, each episode in the series is designed to be viewed independently of the other episodes, and listeners will enhance their knowledge of this area whether they attend one, some, or all of the programs.

episodes in this series

EPISODE #1 Common Issues and Strategies in Business Breakups

2/17/2016

EPISODE #2 Nuts & Bolts of Lost Profit Cases

3/16/2016

EPISODE #3 Resolving Shareholder Disputes 4/20/2016

EPISODE #4 Defending Against Bankruptcy Avoidance Actions

5/18/2016Dates above are premier dates

All webinars also available On Demand through West LegalEd Center and Vimeo



Lost profits basics


When Are Lost Profits Relevant

• Fact and circumstances• Type of business• Type of case


Standard to establish lost profits


Expert Testimony• To meet the standard to establish lost profits,

must you hire an expert needed?• If yes, how do you identify the appropriate

expert?• If you determine that an expert is not required,

might you benefit from hiring an expert to support your claim?


Expert testimony Considerations


Discovery regarding Lost profits

• What discovery should a party asserting lost profits expect will be requested

• What discovery should a party defending against a lost profit claim seek

• What discovery should an expert witness anticipate


Proving Lost Profits

• Causation• Transaction causation• Proximate causation• Loss causation• Correlation v. causation

• Degree of certainly• Speculation• Reliability


Defending Against Lost Profits Claims• Establish legal defenses• Challenge to opposing expert• Claimant’s mitigation of damages


Prejudgment Interest

• When is prejudgment interest available?• How is prejudgment interest computed?

More About The Faculty: D




MARK [email protected]

Mark G. Filler, CPA/ABV, CVA, AM, CBA leads Filler & Associates’ Litigation and Claims Support practice in Portland, Maine.He has been in public accounting since February 1968. Mr. Filler has been a Certified Public Accountant since November 1972, a Certified Valuation Analyst since November 1994, a Certified Business Appraiser since May 1997, Accredited in Business Valuation since January 1999 and an Accredited Member since April 2004.His experience has been entirely with small firms, and his focus has been on helping small business entrepreneurs solve their tax and business problems. His services include aid and advice around tax minimization, business planning and major business decisions, financing, determining management information needs, setting up cash management tools, instituting cost reduction and budgeting techniques, and the placement of bookkeepers and controllers.A natural consequence of his intimate knowledge of how small businesses operate has been his involvement with the Maine legal community in the areas of acquisitions and divestitures, which in turn has led to his being recommended for various litigation support activities.In the past, Mr. Filler has focused on providing consulting and expert witness assistance to clients and counsel in commercial disputes, with particular emphasis on business valuations pursuant to divorces and shareholder disagreements, damages assessments and business interruption calculations for insurance companies, arson and embezzlement investigations for insurance companies, accountants’ malpractice lawsuits, and damages measurement for lost profits and wrongful discharge cases, among others.Mr. Filler participates in 40 hours of continuing professional education each year, including tax, finance, statistics, business valuation and litigation support courses. Accordingly, the AICPA has awarded him two Certificates in Educational Achievement, one in Tax Planning and Advising for Closely-Held Businesses, and the other in Business Valuation. Mr. Filler is also credentialed as a CVA, CBA, ABV, and an AM.Aside from his practical experience developed over the last 42 years, from 1986 to 1995 Mr. Filler taught the Dale Carnegie Management Seminar some 17 times to over 250 Maine business owners and managers. This experience gave him a deeper awareness of how small businesses run, especially insight into the “people problems” they face.



BILL [email protected]

Bill Metzdorff , CMA, CFE is a Director of Valuation, Litigation, and Transaction Services at WIPFLi, LLP. Bill provides financial, accounting, and economic analyses to attorneys in connection with major lawsuits involving antitrust, breach of contract, business interruption, and construction claims; fraud/misrepresentation; intellectual property; lost profits damages; and wrongful termination. In his more than 30 years of experience, he has consulted on matters with damages ranging in value from a few thousand dollars to over $3 billion.

Complementing his experience with attorneys, he provides claims preparation services to insureds in connection with major losses involving property damage, business interruption, and fidelity claims. He serves as an expert witness in federal and state courts involving the determination of damages, working on behalf of both plaintiffs and defendants.

Bill’s educational credentials consist of a Bachelor’s of Business Administration and a Master’s in Business Administration, both from the University of Wisconsin – Madison School of Business. Both degrees included a specialization in Finance, Investments and Banking. In addition, he has developed training programs and taught or spoken on issues concerning the calculations of damages, construction claims and other topics pertaining to quantitative analysis and / or litigation consulting.

Professional Memberships and Activities• Institute of Management Accountants (IMA) – Member• Risk and Insurance Management Society (RIMS) – Associate member• Association of Certified Fraud Examiners (ACFE) – Member• Wisconsin Alumni Association, Chicago Chapter – Board member and past president


KATHERINE [email protected]

© 2016 DailyDAC, LLC d/b/a/ Financial Poise™

Katherine Puffer has 35 years of business and financial experience. She is a CPA and is licensed in the State of Illinois. She is accredited in Business Valuation (ABV) by the American Institute of Certified Public Accountants. She is a Certified Property and Casualty Underwriter (CPCU) and a Certified Divorce Financial Analyst (CDFA). She served as a financial officer of a Fortune 100 company for over 10 years.

Katherine Puffer is experienced in preparing valuations needed for estate planning and taxes and for martial litigation. She has experience valuing business for mergers and acquisitions and for purposes of raising capital. Her firm is experienced in preparing valuations for startup firms. In addition, Katherine is experienced in calculating financial damages associated with contract disputes and shareholder disputes. She is experienced in expert testimony.

Katherine Puffer’s formal education includes an MBA from the University of Chicago, the Graduate School of Banking from the University of Wisconsin as well as a BS in business from the Carlson School at the University of Minnesota.

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Important Notes

• THE MATERIAL IN THIS PRESENTATION IS FOR GENERAL EDUCATIONAL PURPOSES ONLY.

• IT SHOULD NOT BE CONSIDERED LEGAL, INVESTMENT, FINANCIAL, OR ANY OTHER TYPE OF ADVICE ON WHICH YOU SHOULD RELY.

• YOU SHOULD CONSULT WITH AN APPROPRIATE PROFESSIONAL ADVISOR TO DETERMINE WHAT MAY BE BEST FOR YOUR INDIVIDUAL NEEDS.