In a matter submitted to FINRA arbitration, claimant Ramius Capital Group, LLC alleged fraud through disclosure defects in connection with its purchase of collateralized debt obligations. Compass Lexecon expert Charles Cox testified on behalf of Ramius regarding liability, materiality, and scienter. The arbitration panel agreed with Cox’s testimony and awarded damages to Ramius. Laurel Van Allen of Compass Lexecon’s Chicago office assisted with the analysis. We worked with Philippe Selendy of Quinn Emanuel Urquhart Oliver & Hedges, LLP.