Tiago Duarte-Silva

Vice President

Tiago Duarte-Silva is an experienced testifying expert that combines economics, finance, and accounting expertise with market experience in M&A, public equity offerings, and other corporate transactions.  He has been retained in over 150 disputes across more than 50 countries and, among depositions, trials, and arbitral hearings, has been cross-examined live in over 20 disputes.  Dr. Duarte-Silva also teaches a full semester course on valuation to MBA students at Boston College.

Dr. Duarte-Silva’s written and oral opinions have been used in US litigation (federal and state courts), in litigation in Australia, Brazil, and Portugal, in domestic and international arbitrations (e.g., ICSID, PCA, ICC, LCIA, SIAC, HKIAC, JAMS, AAA, UNCITRAL), and before the US Department of Commerce.  He coordinates CRA’s international arbitration offering.

His experience in commercial and investment disputes covers quantum of lost value or profits due to breach of contract, breach of representations and warranties, direct or indirect expropriation in investment treaty arbitrations, reputational harm, and irreparable harm.  He also performs valuations and forensic accounting analyses related to countervailing duties, appraisal actions, minority shareholder oppression, failing firm analyses, and various M&A disputes and price adjustments.

His expertise in securities and other financial markets disputes includes advising on market manipulation matters, fraud-on-the-market assessments, event studies, damages or settlement analyses within Rule 10b-5 and Section 11 matters, and insider trading.  His testimony has led to denial of class certification in Gordon v Sonar Capital Mgmt and to a shorter class period in Brokop v Farmland Partners on market efficiency grounds, both rare outcomes.

His professional experience includes working with investment banking clients on live deals, advising on companies’ capital needs, examining earnings and various corporate news in real time, and issuing fairness opinions on pricing, terms, and board review processes.

Counsel and parties have noted his “outstanding contribution to our victory,” that “Tiago made a considerable contribution to our theory of the case. I would strongly recommend him to any counsel in need of a leading quantum expert,” that his “impeccable credentials and intellectual honesty grant him exceptional credibility,” and that he is “renowned for his excellent reputation in the assessment of the quantum of damages,” “very experienced and knowledgeable,” “always calm, competent, and reactive to resolve issues,” “knowledgeable, practical and creative in providing solutions,” and “quick to respond and takes ownership of the issues he works on.”  Dr. Duarte-Silva is routinely listed in legal directories, including as a Thought Leader according to Who’s Who Legal and according to Lexology’s survey of in-house counsel, Client Choice Awards.

He frequently writes and presents about damages, quantum, and other themes, and has published in the Journal of Financial Economics, the Journal of Applied Corporate Finance, Finance Research Letters, the Journal of International Arbitration, Law360, Global Arbitration Review, ITA Review, and the World Arbitration and Mediation Review.  He has been a speaker at MIT, Harvard Law School, law firms, other institutions, and conferences.

His case experience spans industries such as financial services, technology, pharmaceuticals, manufacturing, infrastructure, telecom, renewable energy, distribution, media, oil & gas, and mining.  He has worked on behalf of corporations and their officers and directors, investors, funds, sovereign states and entities, private equity firms, financial institutions, auditors, the Securities and Exchange Commission, and other US and foreign regulators.

The parties or assets at stake in his matters have been from Angola, Chad, Democratic Republic of the Congo, Eritrea, Ethiopia, Ghana, Mozambique, Niger, Nigeria, South Sudan, Zimbabwe, Armenia, Azerbaijan, Belarus, Belgium, Czechia, Germany, Italy, Kazakhstan, Kyrgyzstan, Portugal, Romania, Russia, Slovakia, Tajikistan, Türkiye, Ukraine, United Kingdom, Uzbekistan, Brazil, Canada, Colombia, Costa Rica, Ecuador, Guatemala, Mexico, Suriname, U.S., Venezuela, Australia, China, India, Korea, Mongolia, Pakistan, Saudi Arabia, Thailand, and the UAE.

Dr. Duarte-Silva has testified in English, Portuguese, and Spanish.  He is a native speaker of Portuguese, perfectly fluent in English, conversant in Spanish, and reads French.

Selected engagements

  • 01
    Shipbuilding project dispute with African state
    Tiago Duarte-Silva was retained by counsel on behalf of a sovereign African state in an ICC arbitration launched by a provider of maritime equipment and...
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  • 02
    CRA assists Romania and its counsel in their victory against $6.7 billion claim by Gabriel Resources (ICSID Case No. ARB/15/31)
    Gabriel Resources alleged that Romania had breached two bilateral investment treaties, including the obligation to not expropriate without compensation. The...
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  • 03
    Treaty arbitration in the upstream oil and gas industry
    Tiago Duarte-Silva and Richard Acklam were retained in an ICSID arbitration regarding an upstream oil and gas asset at exploration stage. They opined on...
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