SLCGSecurities Litigation and Consulting Group (Virginia)
SLCGSenior Leadership Compensation Group (California)
SLCGSt. Louis Costumers Guild (St. Louis, MO)
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The SLCG study valued over 18,000 retail structured products including reverse convertibles issued between 2007 and 2013 each day during their terms to derive return indices.
SLCG Working paper (2010), available at http://www.
The establishment of SLCG on 04 Mar 2010 has been a way forward in meeting the challenges in the new global safety and security regime in this region.
McCann stated that while SLCG has been critical of the complexity and overpricing of retail structured products for many years, DDSPs seem to take those defects to new levels.
Edward O'Neal, another former SEC economist and Principal at SLCG, adds "Paul brings to SLCG more than 20 years of experience in litigation consulting - in the areas of antitrust, class certification, damages, and securities fraud and we are very fortunate to have him join our impressive group.
The SLCG website currently contains "tear sheets" for over 1,500 retail structured products issued in the US between January 1, 2010 and September 30, 2010.
The SLCG study explains that reverse convertibles are short term, unsecured notes issued by brokerage firms including JP Morgan, Barclays, Citigroup, Morgan Stanley, Wachovia, Lehman Brothers, and RBC that pay less than the notes' face value at maturity if the price of the reference stock or the level of the reference stock index declines substantially during the term of the note.
Ilan Guedj has joined SLCG as Principal in its Virginia office.
O'Neal are Principals of SLCG and expert witnesses.
The SLCG study claims that mutual funds systematically misreport the term of the bonds in their portfolios, providing an opportunity for portfolio managers to significantly increase their risk, credit risk in particular, by holding very long-term bonds while claiming to expose investors to only the risks of very short-term bonds.
All three are Principals of SLCG and expert witnesses.
SLCG also found that Schwab significantly inflated the value of YieldPlus's holdings and therefore its NAV in late 2007 and early 2008.