Jonathan Arnold is a testifying expert specializing in loss causation and economic damages. Frequent areas of expert testimony include: (i) market structure (in financial markets and in antitrust disputes), (ii) finance (including securities, institutional structure, insurance, NGOs, and derivatives), (iii) patent, trade secret, and copyright disputes, (iv) fraudulent conveyance questions in bankruptcy proceedings, and (v) complex commercial damages disputes.
Most recently, Arnold served as Chief Economist for the New York State Attorney General. In this role, Arnold served as the senior policymaker on economics questions for the Attorney General – covering Economic Justice, Criminal Justice and Social Justice – as well (i) overseeing economic analysis of key matters, (ii) retaining and supervising outside expert witnesses, and (iii) integrating economic analysis with legal analysis at the Office. This work encompassed antitrust, securities, investor protection, criminal financial, labor, and environmental disputes and policy, among others.
Prior to his government service, Arnold spent 25 years serving as both an advisor and expert witness in antitrust, securities, intellectual property, bankruptcy, and other complex litigation and regulatory investigations and proceedings. This work has encompassed most major sectors of the U.S. economy, including agriculture, manufacturing (food, beverages, industrial products, computers and electronics), wholesale trade, retail trade, finance and insurance, transportation, information (newspapers, radio, TV, music, internet), telecom, real estate, health care, biotech, pharmaceuticals, medical devices, military contracting and equipment, energy extraction/production.
As a certified public account, registered in Illinois, in addition to his doctorate, Arnold is frequently called to testify on questions at the intersection of accounting and economics – for example, the economic substance of arcane accounting rules, substantive consolidation in bankruptcy disputes, and insurance litigation.
Arnold earned a Ph.D. with concentrations in Economics/Industrial Organization and Finance from the University of Chicago’s Booth School of Business. He also earned an MBA from the University of Chicago with a specialization in Finance and a concentration in Accounting. His doctoral work measured the economic effect of major regulatory changes relating to savings and loan institutions – in particular, measuring whether and under what circumstances leverage is valuable to financial institutions.
Arnold has served as a Lecturer at the University of Chicago Graduate School of Business and the Department of Economics. He is a member of the American Economic Association and the American Law and Economics Association. He is also a certified public accountant.