Economic Damages
Wester Consulting LLC focuses on the evaluation, assessment, and calculation of economic damages. Services range from non-litigation or pre-litigation assessments, to mediation, as well as providing expert witness testimony at arbitration and trial proceedings.
We often measure damages resulting from alleged wrongful acts in the form of lost profits, out of pocket damages, or other remedies (for example quantifying unjust enrichment or a defendant’s profits).
Most projects are narrow in scope and size and can be handled with a small team. Other projects call for greater resources and Wester Consulting LLC has the ability to scale in size to meet the demands of varied projects. As testifying experts, we utilize a hands-on approach to ensure clients receive high-quality work product in a highly responsive manner. The resulting written reports, often prepared in connection with Rule 26 of the Federal Rules of Civil Procedure, help set the stage for credible, well-supported expert testimony.
Example: Calculated lost profits incurred by a regional wireless carrier due to alleged defective equipment associated with the company’s transition from a 2G to 3G network. Analysis included the consideration of subscriber base activity, market competition, and the introduction of new products, such as the Apple iPhone. A damages model was developed to quantify the lost revenues, saved costs, and resulting lost net profits.
Forensic Accounting
Accounting irregularities are often brought to the attention of a company, its employees, owners, or board of directors. Wester Consulting LLC assists a company’s outside counsel, or an organization’s in-house counsel, by providing confidential investigation and accounting analysis.
Our team includes personnel with public accounting financial statement audit and income tax experience. We also have relationships which can be leveraged to bring in forensic imaging and recovery specialists and data analytics specialists.
Clients engage us to assist with matters such as:
- Forensic accounting investigations and analyses
- Evaluation of accounting transactions
- Financial record reconstruction
- Assistance with conducting witness and fact-finding interviews
- Computer forensics and electronic data preservation, retrieval and analysis
- Damage quantifications
- Expert witness testimony
Example: Investigated the alleged operation of a $44 million real estate development Ponzi scheme. The engagement included the analysis of cash flows, tracing of transactions between various entities, and evaluation of the company’s solvency and ability to pay debts. Matthew also provided testimony at the criminal trial of the company’s chief executive officer.
Financial Consulting
With a broad business background assisting private and public companies, Wester Consulting LLC provides various on demand financial consulting services. Such services include evaluation and recommendations on financial reporting. Our experience with forensic accounting investigations also enables us to provide practical insights into an organization’s internal controls related to financial reporting and fraud prevention and detection.
Example: Assisted several airport concessionaries in evaluating the financial performance of store locations under various financial scoring metrics established by the airport