Tiago DUARTE-SILVA

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, between depositions, trials, and arbitral hearings, has been cross-examined live over 25 times.

Dr. Duarte-Silva’s written and oral opinions have been used in US litigation (federal and state courts, Delaware Court of Chancery), 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.

For almost a decade, he also has been teaching a full semester course on valuation at Boston College’s MBA program. Dr. Duarte-Silva also coordinates CRA’s international arbitration group, which has been recognized by GAR as handling the second highest average claim size among expert firms and by Jus Mundi as the most active expert firm in arbitration.

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 and a shorter class period on market efficiency grounds, both rare outcomes.

Dr. Duarte-Silva’s 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.” He has been recognized in the past three years as the best mining expert by Lexology’s survey of in-house counsel, Client Choice Awards (“Tiago has an unparalleled grasp of how all aspects of a mining project affect valuation and the assessment.”). He is routinely listed in legal directories, such as Who’s Who Legal.

Dr. Duarte-Silva 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. He also serves on the Experts’ Task Force of the Institute for Transnational Arbitration.

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 U.S., United Kingdom, Brazil, Canada, 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, Uzbekistan, Colombia, Costa Rica, Ecuador, Guatemala, Mexico, Suriname, Venezuela, Australia, P.R. 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.