Selected Consulting Projects
U.S. Department of Justice v. NASDAQ Dealers -- Antitrust suit concerning quoting and dealing practices
among major NASDAQ market makers that were alleged to have increased the costs of transacting in NASDAQ-listed stocks.
Wall Street Journal Story
Los Angeles Times Story
Philip Morris v. ABC -- $10 billion defamation suit in Virginia state court concerning
Day One broadcasts in February and March, 1994, on the process of adding nicotine to
reconstituted tobacco in manufacuring cigarettes. [Wilmer, Cutler & Pickering]
USA Today Story
WLR Foods v. Tyson Foods -- Suit in Virginia state court concerning the legality of
WLR Foods' shareholder rights plan (poison pill) and the Virginia antitakeover laws.
[Wharton, Aldhizer & Weaver]
Wall Street Journal Story
See the paper "Poison or Placebo? Evidence on the Deterrence and
Wealth Effects of Modern Antitakeover Measures," by Robert Comment and G. William Schwert,
Journal of Financial Economics, 39 (September 1995) 3-43, for a discussion of the effects of
poison pill securities issues.
Maureen Rose v. Xerox etal. -- Suit by Xerox pension beneficiaries concerning losses
suffered when First Executive Life Insurance Company was taken over by the California Insurance
Commissioner. [Nixon, Hargrave, Devans & Doyle]
Catalyst Institute -- Survey report on the effects of transactions taxes on the behavior of
securities markets. "Securities Transaction Taxes: An Overview of Costs, Benefits and
Unresolved Questions," by G. William Schwert and Paul J. Seguin, Financial Analysts Journal, 49 (September/October 1993) 27-35.
Reprinted in Securities Transaction Taxes: False Hopes and Unintended Consequences, Suzanne Hammond, ed.,
(Chicago: Catalyst Institute, 1995), 1-26, discusses the effects of proposed taxes on securities transactions.
Nestlé v. IRS -- Suit in National Tax Court concerning the effects of insider trading on
the premium paid when Nestlé acquired Carnation in 1984. [Mayer, Brown & Platt]
See the paper "Markup Pricing in Mergers & Acquisitions," by G. William Schwert,
Journal of Financial Economics, 41 (June 1996) 153-192; summarized in The C.F.A. Digest, 25 (Winter 1995) 83-84,
for a discussion of the effects of pre-bid runups on the costs of acquisitions.
Salomon Brothers, etal. class action litigation -- Suits concerning the manipulation of
the market for Treasury notes between April and August 1991. [Morris & Morris]
Wall Street Journal Story
Irwin Jacobs and Spear Leeds v. Dillon Read -- Securities fraud litigation concerning
financial disclosure by Allegheny International. [Cahill, Gordon & Reindel]
IRS v. Drexel, Burnham & Lambert -- Tax litigation concerning the value of warrants
associated with leveraged LBO's. [Cahill, Gordon & Reindel]
Wall Street Journal Story
Maxus v. Kidder, Peabody, Martin Siegel and Ivan Boesky -- Suit in Texas state court
concerning the effects of insider trading in Natomas stock by Boesky, using information from
Siegel, on the premium paid by Maxus (Diamond Shamrock) to acquire Natomas in 1983.
[Jones, Day, Reavis & Pogue]
New York Times Story
New York Stock Exchange -- Report on the historical behavior of stock market volatility
in relation to current policy debates. "Stock Market Volatility," by G. William Schwert, Financial Analysts Journal, 46 (May-June 1990) 23-34 (Graham & Dodd Plaque). Reprinted in Market Volatility and Investor Confidence, New York Stock Exchange, (June 7, 1990) C1-C24.
R. C. Harwood et al. v. Harper & Row -- Suit in Federal court concerning the lump-sum payments made to Harper & Row
employees when pension plan was terminated in 1982. [Weil, Gotshal & Manges]
Richard J. Brignoli v. Balch, Hardy & Scheinman et al. -- Suit concerning trade secrets related to dynamic portfolio optimization systems. [Jacobson & Triggs]
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