GCR 100 2022

Cornerstone Research

Cornerstone Research

Professional notice

Global headBryan Ricchetti and Kostis Hatzitaskos
Home jurisdictionUS
Countries with competition specialists2
Continents with competition specialists2
Total number of economists560
Competition economists178
% of firm specialised32%
Who’s Who Legal: Competition nominees9
Group one20
Group two16
Group three73
Group four69
Lateral hires0
Departures0
Internal promotions4

Cornerstone Research’s global antitrust practice is led by Bryan Ricchetti and Kostis Hatzitaskos, both of whom work out of Chicago. The consultancy’s competition group is home to 178 economists, spread across seven US offices and a bureau in the UK. It recently strengthened with a handful of promotions to principal, including Daniel Ramsey in San Francisco and Vikram Kumar in London, where the firm now has three senior antitrust specialists.

Cornerstone Research might be based in the US and UK, but it has also recently advised on competition matters in Canada and elsewhere in Europe. More than half of the deals it recently worked on either received a second request in the US, a supplemental information request in Canada or proceeded to Phase II in Europe. Among its disclosable matters, Nathan Miller was retained by the US Federal Trade Commission to assist in its investigation into Tronox Holdings’ proposed $300 million acquisition of TiZir Titanium and Iron. That vertical merger investigation was one of the first after the release of the US Vertical Merger Guidelines in June 2020. The parties subsequently abandoned the deal after the FTC sued to block the deal.

The FTC also enlisted Cornerstone Research for support during its review of Methodist Le Bonheur Healthcare’s acquisition of two Memphis-area hospitals from Tenet Healthcare Corporation. The FTC sued to block the merger and filed for a preliminary injunction, leading to the abandonment of the acquisition.

During our research window, Cornerstone Research advised on more than 100 competition litigation matters. The consultancy and expert witness Justin McCrary were retained by counsel for McDonald’s as it challenged claims it entered into no-poach agreements to suppress wages and employment opportunities within the restaurant franchise system. Class certification for the claim was eventually denied. In another quick-serve restaurant franchise no-poach case, the same team was retained by counsel for Jimmy John’s, in which class certification was again denied. Ricchetti and Sara Champion led the Cornerstone Research teams that supported McCrary’s expert testimony in both matters.

Standout results for the consultancy include helping Qualcomm secure a huge win in its litigation against the FTC, after a three-judge panel at the US Court of Appeals for the Ninth Circuit reversed a district court that previously ruled in favour of the agency. Another appellate victory included helping 1-800 Contacts convince the US Court of Appeals for the Second Circuit to overturn the FTC’s finding that it entered into unlawful agreements with competitors.

Cornerstone Research provides clients with class certification, liability and damages assessments in a range of antitrust and competition matters. We have worked on antitrust litigation and investigations in the US as well as the UK, Europe, and Asia.

WIDE-RANGING EXPERTISE

We work with parties and agencies in cases involving proposed mergers and allegations of anticompetitive horizontal conduct or monopolisation. Our consultants and testifying experts have demonstrated expertise in matters at the intersection of antitrust and intellectual property, as well as those involving financial and labour markets.

ROBUST ECONOMIC ANALYSES

Competition matters requires robust economic analyses tied to real-world data. Our experts use qualitative and quantitative data to support effective narratives that speak to a wide range of audiences from judges and juries to agency economists. We have extensive experience in constructing surveys, analyzing market-based data, and critiquing survey methodologies. We regularly work with datasets containing billions of records.

GCR MATTERS OF THE YEAR

Cornerstone Research has been involved in multiple cases recognised as GCR Matters of the Year. Most recently, we worked on FTC v. Qualcomm, Apple v. Qualcomm, and United States v. AT&T Inc. et al. We were also retained in the merger of T-Mobile and Sprint, and in Walt Disney Company’s Acquisition of 21st Century Fox Film and TV Studios, both of which were named GCR Merger Control Matter of the Year in the Americas.

ABOUT CORNERSTONE RESEARCH

For more than thirty years, Cornerstone Research staff have provided economic and financial analysis in all phases of commercial litigation and regulatory proceedings.

We work with a broad network of testifying experts, including prominent faculty and industry practitioners, in a distinctive collaboration. Our staff consultants contribute expertise in economics, finance, accounting and marketing, as well as business acumen, familiarity with the litigation process, and a commitment to produce outstanding results. The experts with whom we work bring the specialised expertise of researchers or practitioners required to meet the demands of each assignment.

Cornerstone Research more than seven hundred staff and offices in Boston, Chicago, London, Los Angeles, New York, San Francisco, Silicon Valley and Washington.

Website: www.cornerstone.com

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