Dr. Russell Lamb

President

Dr. Russell L. Lamb is the President and Co-Founder of Monument Economics Group. An expert in antitrust economics and applied econometrics, Dr. Lamb has more than 25 years experience as an economic consultant and more than a dozen years’ experience developing econometric models and providing expert witness and economic consulting services in cases involving antitrust, class action, and liability and damages analysis.

Having taught economics for many years at both the undergraduate and graduate levels, Dr. Lamb specializes in explaining complex economic and econometric concepts in a clear and concise manner to non-economists, including the Courts.

Prior to his work as an expert witness, Dr. Lamb developed extensive particular expertise in international and domestic agricultural economics and has undertaken extensive original research and econometric analysis related to markets for agricultural commodities. He has authored more than 50 articles in peer-reviewed journals, trade press, and major newspapers. Dr. Lamb also regularly presents at conferences on topics including the state of the U.S. Economy and farm policy.

As an economic consultant, Dr. Lamb has extensive experience in a wide-range of industries, having provided expert testimony as well as consulted in those areas. Dr. Lamb has provided expert testimony in State and Federal courts in the United States and in Superior courts in Canada, opining on a range of issues including class certification, impact, liability, market definition, and economic damages and anticompetitive effects in antitrust, RICO and consumer fraud or breach of warranty matters. In the U.S., Dr. Lamb’s work has been used by Courts in certifying class actions in a number of cases in the U.S., including Fond Du Lac Bumper Exchange Inc., et al. v. Jui Li Enterprise Company Ltd. et al., In Re: Aftermarket Automotive Lighting Products Antitrust Litigation, In Re: Titanium Dioxide Litigation, In Re: Polyurethane Foam Antitrust LitigationIn Re: Domestic Drywall Antitrust Litigation, and In Re: Namenda Direct Purchaser Antitrust Litigation.

Dr. Lamb has also provided expert testimony in Canada concerning markets for automotive inputs, including wire harnesses (Urlin Rent a Car v. Furukawa Electric, et al.); radiators (Darren Ewert v. Denso Corporation, et al.); anti-vibration rubber parts (Fady Samaha, et al., v. Yamashita Rubber Co., Ltd., et al.); and fuel injection systems (Serge Asselin v. Hitachi, Ltd., et al.). Dr. Lamb’s work was relied upon by the Court in certifying a class of purchasers of liquid crystal display (LCD) panels, as well as televisions, computer monitors, and laptops containing LCD panels (The Fanshawe College of Applied Arts and Technology, v. LG Philips LCD Co., Ltd., et al.).

Dr. Lamb provides consulting and testimony on a range of issues and at all stages of litigation, including data extraction, class certification, liability, damages and settlements in a wide range of matters involving:

  • Price-Fixing
  • Mergers and Acquisitions
  • Vertical Restraints
  • Monopolization
  • Anti-Dumping
  • Supply Restrictions
  • Bundling and Tying
  • Predatory Pricing
  • Exclusionary Conduct
  • International Arbitration

As an economic consultant, Dr. Lamb has extensive experience in a wide-range of industries, having provided expert testimony as well as consulted in those areas. Dr. Lamb has provided expert testimony in State and Federal courts in the United States and in Superior courts in Canada, opining on a range of issues including class certification, impact, liability, market definition, and economic damages and anticompetitive effects in antitrust, RICO and consumer fraud or breach of warranty matters. His work has been used by Courts in certifying class actions in a number of cases in the U.S. and Canada.

Practice Areas
As part of his antitrust and competition practice, Dr. Lamb evaluates the effects of alleged conspiracies on prices and competition, and the implications of proposed and completed mergers and acquisitions. Dr. Lamb has been retained as an economic expert in antitrust matters involving class certification, liability, and damages. He has years of experience testifying on issues in antitrust litigations related to price-fixing, market definition, and exclusionary conduct.

Clients rely on Dr. Lamb and his team of economists to examine the ability of collusive agreements to increase prices and determine the extent to which artificially-inflated prices could be passed on by primary consumers to secondary consumers.

In collaboration with his team of highly-trained economists and consultants, Dr. Lamb offers extensive services related to class actions and class certification. Dr. Lamb’s class action practice covers numerous areas and industries with a focus on class certification issues in antitrust, false advertising, and labor. He has extensive experience apply sophisticated econometric techniques to evaluate whether damages can be certified on a common, class-wide basis.

In the area of damages analysis, Dr. Lamb and his associates assist clients in developing and applying sophisticated statistical tools to measure and apportion damages. Dr. Lamb’s expertise in damages analysis extends across a number of industries and contexts, including matters of antitrust, international arbitration, and valuation.

Industry Expertise
In addition to his expertise in agricultural economics, Dr. Lamb has extensive experience providing expert testimony and consulting services in a wide range of industries, including:

  • Automotive Industry
  • Airlines
  • Asbestos
  • Chemicals
  • Construction Materials
  • Consumer Products
  • Electronic Components
  • Energy
  • Financial Services
  • Healthcare
  • Industrial Materials
  • Manufacturing
  • Natural Gas
  • Pharmaceuticals
  • Real Estate
  • Retail Distribution
  • Textiles
  • Utilities
  • Waterworks Products

Selected Experience

  • In Re: Interior Molded Doors Antitrust Litigation
    Dr. Russell Lamb was retained on behalf of a proposed class of direct purchasers of interior molded doors in a class action involving allegations of price-fixing behavior. Dr. Lamb’s analysis assisted counsel in reaching a $56 million dollar settlement prior to the Judge’s ruling on class certification.
  • In Re Zetia (Ezetimibe) Antitrust Litigation
    Dr. Russell Lamb was retained on behalf of a proposed class of indirect purchasers of branded and generic Zetia tablets in a class action involving allegations of anticompetitive pay-for-delay conduct. In the magistrate’s recommendation to certify the Class, the Court stated “I am satisfied that EPPs have demonstrated a reliable method of calculating damages on a classwide basis…And the damages methodology proposed by Dr. Lamb has been deemed sufficiently reliable to meet that classification in other pharmaceutical antitrust end-payor class actions.”
  • First Impressions Salon, Inc., et al., v. National Milk Producers Federation, et al.
    Dr. Russell Lamb was retained on behalf of a proposed class of direct purchasers of cheese and butter products in a class action involving allegations of price-fixing behavior. Dr. Lamb’s analysis assisted counsel in reaching a $220 million dollar settlement.
  • In Re Suboxone Direct Purchaser Antitrust Litigation
    Dr. Russell Lamb was retained on behalf of a proposed class of direct purchasers of branded and generic Suboxone tablets and film in a class action involving allegations of anticompetitive pay-for-delay and hard-switch conduct. The Court certified the proposed class, noting the following regarding Dr. Lamb’s damages analysis: “Dr. Lamb’s expert report satisfies this standard. His report measures overcharge damages based on the difference between the actual price class members paid for branded Suboxone tablets and film and the prices the class would have paid for branded and generic tablets absent the allegedly anticompetitive conduct.”
  • The Hospital Authority of Metropolitan Government of Nashville and Davidson County, Tennessee, et al. v. Momenta Pharmaceuticals, Inc., et al.
    Dr. Russell Lamb was retained on behalf of a proposed class of indirect purchasers of branded and generic Lovenox tablets in a class action involving allegations of monopolization. On September 20, 2019, the Court certified the proposed class of end payors, citing extensively to Dr. Lamb’s analysis of class-wide issues and testimony. In its Opinion, the Court noted: “The Court finds that Dr. Lamb’s analysis and examination of this evidence sufficiently demonstrates that there is common evidence capable of demonstrating the fact of antitrust impact.”
  • In Re Namenda Direct Purchaser Antitrust Litigation
    Dr. Russell Lamb was retained on behalf of a proposed class of direct purchasers of branded and generic Namenda tablets in a class action involving allegations of anticompetitive pay-for-delay and hard-switch conduct. In its Memorandum Decision and Order granting Plaintiffs’ motion for class certification, the Court noted that “Dr. Lamb independently reviewed and analyzed Forest’s internal document[s] and testimony” as part of his analysis of the but-for world,” which the Court held to be a “sound economic methodology.”
  • In Re Capacitors Antitrust Litigation
    Dr. Russell Lamb was retained on behalf of a proposed class of indirect purchasers of capacitors in a class action involving allegations of price-fixing behavior. Dr. Lamb’s analysis assisted counsel in reaching a series of settlements on behalf of class members.
  • In Re: Domestic Drywall Antitrust Litigation
    Dr. Russell Lamb was retained on behalf of a proposed class of direct purchasers of gypsum wallboard in a class action involving allegations of price-fixing behavior. The Court noted in this matter: “Dr. Lamb’s expert opinion fits the facts of the case, is relevant, and is therefore admissible to show classwide injury and measurable damages in support of Plaintiffs’ Motion for Class Certification. […] The Court […] has thoroughly considered Dr. Lamb’s opinion in its decision on the DPPs’ Class Certification Motion.”
  • In Re: Titanium Dioxide Antitrust Litigation
    Dr. Russell Lamb was retained on behalf of a proposed class of direct purchasers of titanium dioxide in a class action involving allegations of price-fixing behavior. In certifying the Class, the Court stated that “Dr. Lamb’s regression analysis accurately reflects the characteristics of the titanium dioxide industry, and the facts in this case.”
  • In Re: Polyurethane Foam Antitrust Litigation
    Dr. Russell Lamb provided expert analyses and testimony on behalf of a proposed class of indirect purchasers of polyurethane foam in a class action regarding allegations of price fixing. Dr. Lamb’s analysis directly contributed to the Court’s decision to certify the Class in April 2014.
  • In Re: Aftermarket Automotive Lighting Products Antitrust Litigation
    Dr. Russell Lamb was retained on behalf of a proposed class of purchasers of aftermarket automotive lighting products citing allegations of price-fixing behavior. The Court held in this matter that Dr. Lamb’s analysis provided “a sufficient basis from which to conclude that Plaintiffs would adduce common proof concerning the effect of Defendants’ alleged price-fixing conspiracy on prices class members paid.”
  • Fond Du Lac Bumper Exchange Inc., et al. v. Jui Li Enterprise Company Ltd. et al.
    Dr. Russell Lamb was retained on behalf of a proposed class of purchasers of aftermarket automotive sheet metal parts citing allegations of price-fixing behavior. In its 2016 decision certifying the class in this matter, the Court cited Dr. Lamb’s analysis of class-wide issues, stating, “[i]n sum, Lamb’s analysis and conclusions regarding common impact appear to be sound. He looked at evidence common to the class and performed a multiple regression analysis to determine that anti-competitive conduct would have affected prices generally. He did this by factoring out all variables which may affect price except the anti-competitive conduct and comparing the actual price paid with the price customers would otherwise have paid. From this, he was able to determine that anti-competitive conduct would have artificially raised prices.”
  • Canadian LCD Competition Act Class Action
    Dr. Russell Lamb was retained to analyze whether a proposed class of purchasers of liquid crystal display (LCD) panels, as well as televisions, computer monitors, and laptops containing LCD panels would have been injured as a result of Defendants’ alleged price-fixing behavior. The Court held in this matter that Dr. Lamb’s analysis provided “evidence of a viable methodology for the determination of loss on a class-wide basis.”

Previous Experience

  • Senior Vice President, Nathan Associates, Inc.
  • Principal, Advanced Analytical Consulting Group, Inc.
  • Managing Director and D.C. Office Head, Econ One Research, Inc.
  • Associate Director, Navigant Consulting, Inc.
  • Adjunct Assistant Professor of Economics, George Washington University
  • Assistant Professor, North Carolina State University
  • Adjunct Instructor, University of Pennsylvania
  • Senior Economist, Federal Reserve Bank of Kansas City
  • Economist, Board of Governors of the Federal Reserve System

Referee Experience
Dr. Lamb has served as a referee for a number of academic journals, including:

  • Agricultural Economics
  • Agricultural Finance Review
  • American Journal of Agricultural Economics
  • Contemporary Economic Policy
  • Emerging Markets Review
  • International Economic Review
  • Journal of Agricultural and Resource Economics
  • Journal of Business and Economics Statistics
  • Journal of Development Economics
  • Journal of Human Resources
  • Review of Agricultural Economics
  • World Development

Professional Affiliations & Awards
Dr. Lamb received his Ph.D. in economics from the University of Pennsylvania where he was awarded the Departmental Fellowship and Dean’s Fellowship. He graduated with his BA in economics from the University of Tennessee where he was honored with the distinction of the Top Graduate in Liberal Arts, the Chancellor’s Citation for Extraordinary Professional Promise, and the Chancellor’s Citation for Outstanding Academic Achievement and the Mortar Board Honor Society.

Dr. Lamb has twice received an award for Outstanding Antitrust Litigation Achievement in Economics from the American Antitrust Institute: in 2018 for his work on the In Re Domestic Drywall Antitrust Litigation matter and in 2020 for his work on the In Re Namenda Direct Purchaser Antitrust Litigation matter. Dr. Lamb was also awarded an Honorable Mention in Outstanding Antitrust Litigation Achievement in Economics by the American Antitrust Institute for his work In Re: Titanium Dioxide Antitrust Litigation in 2013. Further, Dr. Lamb received an Honorable Mention from the American Agricultural Economics Association’s Essay for the 21st Century for his work titled “A Market Forces Policy for the New Farm Economy.”

In addition to his roles at Monument Economics Group, Dr. Lamb is also a member of the American Antitrust Institute’s Board of Advisors, the Department of Economics Advisory Council at the University of Tennessee, the National Association for Business Economics, and the American Economic Association.

Publications & Presentations
Government Regulation and Quality in the U.S. Beef Market
Food Policy

Rent-seeking in U.S.-Mexican Avocado Trade
Cato Journal

Consolidation in U.S. Agriculture and the Role of Public Policy
The ICFAI Journal of Agricultural Economics

Fertilizer Use, Risk, and Off-farm Labor Markets in the Semi-Arid Tropics of India
American Journal of Agricultural Economics

Inverse Productivity: Land Quality, Labor Markets, and Measurement Error
Journal of Development Economics

A Market-Forces Policy for the New Farm Economy?
Review of Agricultural Economics

Food Crops, Exports, and the Short-run Policy Response of Agriculture in Africa
Agricultural Economics

FAIR Act Implications for Land Values in the Corn Belt
Review of Agricultural Economics

Why are Estimates of Agricultural Supply Response So Variable?
Journal of Econometrics

Dr. Lamb serves as a faculty member for the New York Bar Association’s Antitrust Trial Training Academy
May 9, 2017

Dr. Lamb presents as the New York Bar Association’s Annual Antitrust Symposium
December 9, 2016

Dr. Lamb presents on The Future of Antitrust and Competition Law Under President Trump
December 1, 2016
As part of the Knowledge Group’s webinar, Dr. Lamb presented his views on how antitrust and competition law will be impacted by the incoming presidency. Dr. Lamb lent his economic expertise to discussing private anti-trust enforcement, Supreme Court vacancies, economic analysis, and how changes in case law raise the bar for plaintiffs in private anti-trust cases.

Dr. Lamb addresses the ABA and ATBI at the Joint Boards Annual Directors Meeting
September 5, 2012

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