Mr. David Hutchings specializes in the economic analysis of complex business transactions. He supports experts, performs statistical analyses, and leads case teams in analyzing and developing evidence to provide consulting support to attorneys.
Mr. Hutchings has extensive experience in tax disputes and transfer pricing matters, having supported experts and attorneys for both taxpayers and taxing authorities. He has focused on developing innovative economic analyses to assess the best method for transfer pricing, assessing the profitability of transactions, and investigating the business purpose doctrine. He also has experience in securities and commercial damages cases, having been involved in several disputes arising out of the financial crisis related to residential mortgage-backed securities, credit ratings, and financial guaranty insurance, which often involve dealing with large amounts of data and conducting detailed statistical analyses. In addition, his consulting experience includes assessing the economic impact of mergers and allegedly anticompetitive behavior.
Mr. Hutchings has worked with leading academics in both litigation and non-litigation settings. For example, he has supported Nobel laureate Joseph Stiglitz in a number of matters, including disputes regarding the Irish banking crisis, sovereign debt restructurings, and intellectual property protections, in addition to tax and securities matters.
Mr. Hutchings began his career at Brattle as a Research Analyst, and before that was a Research Associate at the MIT Center for Real Estate.
Supported lead testifying economist and trial attorneys in the recently-tried Eaton Corporation tax dispute on Section 482 and 367 matters. Applied various statistical and financial techniques to develop the best method and rebut opposing experts’ claims. Conducted extensive research into the industry to synthesize the competitive dynamics of the markets and inform the transfer pricing analysis. Decision is pending.
Led Brattle’s consulting support to attorneys and testifying experts on behalf of monoline insurers in a series of disputes regrading mortgage originators and RMBS sponsors concerning the quality of mortgage loans. Analyses focused on monitoring decisions in insurance and econometric and statistical analyses, as well as deposition support. Cases include Ambac v EMC (JPMorgan), which settled for $995 million in early 2016, and several pending, confidential matters.
Provided support to MIT Professor Stewart Myers in his testimony for Exelon in its recently-tried tax dispute regarding Section 1031 like-kind exchanges and Exelon’s purchase of coal-fired electrical plants. Analysis involved extensive financial analysis of leases, options, and assets. Decision is pending.
Supported testifying expert and attorneys for the IRS and DOJ in the Bank of New York and Salem STARS cases where the government prevailed at trial and on appeal on issues of economic substance. Analyzed transaction cash flows, assessed business purposes, and developed evidence for trial.
Supported testifying expert and attorneys for the IRS in the Blum and Reddam OPIS cases where the IRS prevailed at trial and on appeal regarding the economic substance of claimed capital losses. Analyzed complex option arrangements using analytical and simulation techniques, modeled the likelihood of very-low outcome events, and assessed rates of return on a piece-by-piece and overall basis.
David is originally from the west coast of Newfoundland, having relocated to Toronto from the Boston area when Brattle’s Toronto office opened. He has been an active volunteer at MIT for many years, presently as an Educational Counselor in Toronto and previously with several student life groups in Cambridge and Brookline, MA.
In his spare time, David enjoys playing the piano and trumpet, fly fishing, downhill skiing, and golf.
University of Toronto, M.A. in Economics
Massachusetts Institute of Technology, B.S. in Economics and B.S. in Mathematics