Assignment
An expert team from CRA’s Finance practice supported NASCAR in a high-profile antitrust case brought by two race teams—including one owned by retired NBA star Michael Jordan—accusing it of illegally maintaining a monopoly on premier stock car racing.
CRA’s research and analysis
Professor Mark Zmijewski, in collaboration with CRA consultants Erik Himan, Caitlin McCarthy, and Isabel Serrano Alas, provided expert financial economic testimony on behalf of NASCAR in connection with the damages claim of nearly $280 million brought by the two race teams, 23XI Racing and Front Row Motorsports. Professor Zmijewski and the CRA Finance team worked with Chris Yates, Chris Brown, Marguerite (Maggy) Sullivan, and other litigators at Latham & Watkins LLP, who represented NASCAR.
Outcome
Professor Zmijewski’s testimony effectively demonstrated that the plaintiffs’ expert’s use of Formula 1 as a benchmark sport for calculating the NASCAR teams’ values was flawed, and that NASCAR would have sustained significant losses had the sanctioning body paid the amount suggested by the plaintiffs’ expert. The parties settled this matter the day after Professor Zmijewski’s direct testimony.
