Eric Madsen specializes in the valuation of businesses, complex financial assets, and economic damages.

Over the last twenty years, Mr. Madsen has consulted on hundreds of projects. He has been admitted as an expert witness and testified regarding financial and economic issues in US District Court and before the International Centre for Settlement of Investment Disputes. He also has been retained by top law firms to submit expert reports, declarations, and other analyses in various venues, including the Superior Court of the State of California and the Supreme Court of the State of New York. He has performed expert analysis for investigations by the US Securities and Exchange Commission.

Mr. Madsen’s testimony and reports have covered numerous financial and economic topics. In the area of valuation, for example, he has testified regarding economic damages that resulted from the alleged expropriation of a company’s minority equity position, a series of complex call and put options, and debt positions in a non-US telecommunications company. His valuation analysis involved both market and income approaches and included consideration of discounts for lack of control and marketability and adjusting the discount rate for a country-specific risk premium. Aside from telecom, Mr. Madsen has valued companies in multiple industries, including, for example, high technology, investment management, consumer products, mining, manufacturing, sports and entertainment, and hospitality. He has performed valuation analysis for matters arising from partnership disputes, unfair treatment of a minority shareholder, shareholder squeeze outs, and sales of a business unit.

In the area of securities analysis, Mr. Madsen has consulted on various SEC Rule 10b-5, fraud-on-the-market, and similar matters by analyzing the statistical significance and attribution of stock price movements resulting from alleged wrongful company disclosures. In one matter, he analyzed contentions that a company’s decision to delist from the Nasdaq stock exchange and deregister its stock from the SEC caused economic harm to shareholders. His analysis considered the influence of confounding factors that affected the company’s stock price, including company announcements regarding dividend suspension, termination of its share re-purchase program, board member resignation, and declining financial performance.

Regarding economic damages, Mr. Madsen has assessed economic harm and lost profits in matters across diverse industries. For example, he computed economic damages allegedly suffered by city and county governments in a lawsuit against manufactures of opioid prescription drugs. In the oil and gas industry, he calculated economic damages that related from a client’s alleged repudiation of a contract to supply oil-based coating to a manufacturer of roofing products. The repudiation occurred after an oil supply glut in Cushing, Oklahoma, caused the WTI oil price index to depart from world oil prices (e.g., Brent), thereby affecting the contract’s pricing mechanism. In another matter, Mr. Madsen assessed economic damages arising from theft of trade secrets that allegedly occurred after a marketing company licensed its platform to another marketing company.

Mr. Madsen has also provided financial and economic expertise on many other types of cases, including misrepresentations and omissions in a business acquisition, alleged misrepresentations in collateralized debt obligations, transfer pricing for intellectual property, forensic investigation, class certification, copyright and patent infringement, environmental damages, and antitrust.

Before joining BRG, Mr. Madsen worked for privately held and publicly traded economics consulting firms. He is a Certified Public Accountant (California) and holds the Chartered Financial Analyst (CFA) designation. He holds an MBA from the UCLA Anderson School of Management and a bachelor’s degree in economics from Brigham Young University.

Employment History

Compass Lexecon
Senior Vice President
2013 – 2019

Fulcrum Inquiry
2008 – 2013

2001 – 2007


CFA Charterholder

Certified Public Accountant / ABV (California)


Areas of Expertise


UCLA Anderson School of Management
MBA, 2008

Brigham Young University
BS, Economics, 2001