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 involving entities in 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 foreign litigation (Brazil and Australia), in domestic and international arbitrations (e.g., ICSID, PCA, ICC, LCIA, SIAC, HKIAC, JAMS, AAA, UNCITRAL), and before the US Department of Commerce.

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.

Dr. Duarte-Silva is routinely listed in legal directories, including as a Thought Leader in arbitration according to Who’s Who Legal, which noted that he is “renowned for his ‘excellent reputation’ in ‘the assessment of the quantum of damages.’” The best mining expert in the US according to Lexology’s survey of in-house counsel, which noted that “impeccable credentials and intellectual honesty grant him exceptional credibility,” and “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.”

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.

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.

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
    Valuation of phosphate mine
    As part of an impairment analysis for a global pharmaceutical and agricultural company, CRA consultants provided a valuation of a phosphorus mine. Within the...
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  • 02
    Arbitration caused by defective equipment in downstream metal processing
    CRA was retained by counsel to the claimant in an arbitration caused by defective equipment. The claimant had acquired purportedly more efficient equipment...
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  • 03
    Arbitration involving supply of lithium carbonate and hydroxide
    CRA was retained in an arbitration regarding a supply contract of lithium carbonate and hydroxide. CRA consultants examined past free on board (FOB) prices,...
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