Dr. Jeffrey Armstrong is an antitrust and financial markets economist with twenty years of experience in litigation and consulting.

He has led engagements on antitrust matters that analyze the economics of horizontal and vertical business practices, class certification, and quantification of overcharge and damages.

He has served as the lead economist in studies and expert reports on the market for securities and complex derivatives that reference LIBOR and other benchmarks, as well as the effects of market structure, product attributes, and technology evolution on the financial and competitive performance of a wide range of industries.

Dr. Armstrong has taught university courses in the US and overseas in economics, statistics, and industrial organization and has published in peer-reviewed economics and management journals. He has authored articles about the LIBOR transition and the role of benchmarks in financial contracts. His article “COVID-19 Crisis Exposes Libor Replacement’s Weaknesses” was among the most-read securities articles in Law360 in 2020.

Employment History

Finance Scholars Group
2011 – 2014

CapAnalysis LLC
Vice president
2006 – 2011
Senior economist
2003 – 2006

Analysis Group
Senior associate
2001 – 2003

University of California, Los Angeles
Center for International Science, Technology and Policy
Research fellow
1994 – 2003

PricewaterhouseCoopers LLP
2000 – 2001

Economic Analysis LLC
1998 – 2000

Quantum Consulting, Inc.
Energy demand consultant
1989 -1991

Pacific Telesis
New product forecast manager
1986 – 1989

Areas of Expertise


University of California, Los Angeles
PhD, Economics

University of North Carolina
MA, Economics
BA, Psychology and Political Science