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Derivatives, Swaps and Structured Financial Products - Expert Witness & Consultant

James W. Lovely, B.B.A., M.B.A., J.D.

James W. Lovely, B.B.A., M.B.A., J.D.

1102 South Florida Avenue
Lakeland, Florida 33803

Phone(863) 398-9898

Website www.fpexpert.com

► Contact James W. Lovely, B.B.A., M.B.A., J.D.

Expert WitnessLitigation SupportSpeaker
James Lovely provides expert witness, litigation support, and consulting services concerning swaps, derivatives and other capital markets products. He has both academic training and extensive and varied executive and legal career experience with financial products and in financial markets.

Mr. Lovely is knowledgeable concerning the structuring, execution, documentation, management, termination and regulation of financial products, including futures, options, swaps, swaptions, forwards, derivatives, and securities. He has deep experience with financial product documentation, including ISDA, NAESB and SIFMA documentation, master agreements, prime brokerage agreements, repurchase agreements, securities lending agreements, liquidity facilities, structured financial products, commercial paper programs, tender option bond programs, and commodity financing. He has advised clients on LIBOR / SOFR transition issues. He is experienced with the U.C.C., including particularly Article 8 of the UCC related to securities and financial asset transfers and Article 9.

Services

James Lovely offers the following services:

Review and advice on financial products, related documentation and regulation, and associated disputes, compliance issues, market customs and practices.

Pre-default or pre-litigation planning and preparation.

Post-default notification and damages calculations.

Review of pleadings, depositions, and other court documents.

Assistance in formulating and responding to discovery.

Consulting reports evaluating potential or pending litigation or disputes.

Expert witness testimony and reports.

Presentations on financial industry issues and developments related to derivatives. Examples include:

“Interest Rate Derivatives: An Overview” – Presentation to Central Florida – Government Finance Officers Association (April 13, 2006) (co-authored with R. Stephens).

“Collateral and Margin for Swaps After the Dodd Frank Act”, Presentation for U.S.-based Hedge Fund and Family Office (September 17, 2012).

“Derivative Trading Considerations”, ACA Compliance Group – Fall 2012 Compliance Conference (October 18, 2012) (co-authored with M. Holland West).

“Collateral and Margin for “Upstream” Swaps After the Dodd Frank Act”, Presentation for Regional Bank (February 11, 2013).

"Swap Counterparty Default and Recent Industry Developments", Presentation for Regional Bank (July 22, 2016).

"ISDA Documentation & Syndicated Energy Credits", Presentation for Regional Bank (April 4, 2017).

"Swap Overview & 2018 Current Topics", Presentation for Regional Bank (October 22, 2018).

“LIBOR Transition Overview”, Presentation for DerivActiv, LLC d/b/a HedgeStar (October 8, 2020).

“Disorder in Discounting - §440.34 and the Present Value of Future Benefits”, The Florida Bar – Workers' Compensation Section – News & 440 Report (Winter 2021).


Litigation Support Services

Mr. Lovely provides unbiased and impartial expert testimony and litigation support services for plaintiff and defense attorneys.

Areas of Expertise

Additional Expertise:

Credit Default Swaps; Interest Rate Swaps; Financial Product Regulation; Financial Product Documentation, Structured Products, Libor / Sofr Transition Issues.

Profile

Graduate of Top 10 Law School

Multiple Degrees in Finance - with a focus on financial products and markets.

Real World Experience (not just "ivory tower") - as a senior executive and lawyer in an investment bank, a commercial bank, a derivatives dealer, a commodity pool, and large law firms.

Skilled in Simplifying Complex Financial Products and Disputes. Capable translator between lawyers and executive and financial officers on issues touching both the legal and financial worlds.

References available upon request.

Consulting Practice

All States

James W. Lovely, B.B.A., M.B.A., J.D. in the Social Networks

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Professional Experience

Since 1/2011 - Consultant to banks, hedge funds, family offices, energy merchants and law firms on (i) derivatives, FX, commodities and structured financial products, (ii) trading and prime brokerage documentation, (iii) law, regulation and compliance issues impacting trading, hedging, margin and collateral, and asset management activity, (iv) LIBOR/SOFR transition and (v) general corporate and financial matters. Contract management services, including document review, template preparation, and counterparty negotiation, of ISDA, SIFMA, NAESB, EEI, FX & NDA contracts and agreements. Provider of consulting and expert witness services to parties involved in litigation, disputes or workouts concerning financial products, derivatives, securities, commodities and secured lending. (Nationwide)

07/2006 to 08/2010 - CFO, Juice Source, LLC, a wholly-owned affiliate of a CFTC licensed commodity pool operator. (Florida)

03/2004 to 06/2006 - Senior Counsel, Holland & Knight LLP. (Florida)

07/1998 to 08/2003 - Managing Director - Global Structured Products, Bank of America, N.A. (San Francisco, CA)

10/1996 to 06/1998 - Senior Associate, Cadwalader, Wickersham & Taft. (Charlotte, NC)

07/1993 to 09/1996 - Associate General Counsel and Director, Nomura Securities International, Inc., a registered FCM and broker-dealer, and General Counsel of Nomura Capital Services, Inc., a swap dealer (New York City)

10/1991 to 06/1993 - Associate, Cadwalader, Wickersham & Taft (New York City).


Licenses

Admitted to practice law in New York, North Carolina and Florida.

See Qualifications.


Legal Experience & Services

Please see above.


Affiliations

Member, American Mensa and Rotary International

Bar Associations of New York, North Carolina and Florida.


Qualifications

• Admitted to practice law in New York, North Carolina and Florida.

• NFA/CFTC Series 3 license (inactive).

• SEC Series 7 and Series 63 licensed (each inactive).

• Past member of the Professional Ethics Committee of the Florida Bar.

• Past member of the ABA's Business Law Section and UCC - Article 8 Subcommittee.

• Past participant in the Documentation Subcommittee and Collateral Working Group of ISDA.

• Past participant in the Commercial Paper Working Group and Ad Hoc Reg. T (Margin) Subcommittees of the BMA (now SIFMA).


Awards & Honors

Law School - Order of the Coif (top 10%), Legal Writing Award (Fall 1988).

Graduate School - Albert Wesley Frey Award (valedictorian), H.R. Young Fellowship (full academic fellowship), Phi Kappa Phi Fellowship, Financial Executives' Institute Award.

Undergraduate School - Isaac Bashevis Singer Scholarship (full academic scholarship), National Merit Scholarship, Beta Gamma Sigma and Phi Kappa Phi.


Seminars & Training

“Negotiation of Over-the-Counter Derivatives: What are the “In-Stone” Provisions & What is Negotiable?”, sponsored by the Financial Advisory Council, New York, New York (May 2-4, 1994).

“Legal and Regulatory Issues Concerning Over-the-Counter Derivatives”, sponsored by the Brazilian Comissao de Valores Mobiliarios and the Sao Paulo and Rio de Janeiro stock exchanges, Sao Paulo and Rio de Janeiro, Brazil (September 28-29, 1994).

“Over-the-Counter Derivatives: A Framework for Oversight”, sponsored by the Institute of Internal Auditors, Charlotte Area Chapter, Charlotte, North Carolina (April 14, 1997).

“Credit Derivatives for Effective Credit Portfolio Management”, sponsored by ICM Conferences, New York, New York (September 10-11, 1997).

“Perry Global Funding Limited: Issuer Presentation and ABCP Industry Developments”, sponsored by Standard & Poor's, Asset-Backed Securitization Conference, Orlando, Florida, May 5-8, 2003.

“Municipal Derivatives: Basics, Uses and Risks,” Presentation to SunCoast League of Cities, Howey-in-the-Hills, Florida (June 12, 2004) (co-authored with R. Stephens).

“Municipal Price Risk Management: Basics, Uses and Risks”, Presentation to Florida Gas Utility Annual Meeting, Clearwater, Florida (July 16, 2004) (co-authored with R. Stephens).

“Interest Rate Derivatives: An Overview” – Presentation to Central Florida – Government Finance Officers Association (April 13, 2006) (co-authored with R. Stephens).

“Collateral and Margin for Swaps After the Dodd Frank Act”, Presentation for Hedge Fund and Family Office (September 17, 2012).

“Derivative Trading Considerations”, ACA Compliance Group – Fall 2012 Compliance Conference (October 18, 2012) (co-authored with M. Holland West).

“Collateral and Margin for “Upstream” Swaps After the Dodd Frank Act”, Presentation for Regional Bank (February 11, 2013).

"Swap Counterparty Default and Recent Industry Developments", Presentation for Regional Bank (July 22, 2016).

"ISDA Documentation & Syndicated Energy Credits", Presentation for Regional Bank (April 4, 2017).


Publications

“Agency Costs, Liquidity, and the Limited Liability Company as an Alternative to the Close Corporation,” 21 Stetson L. Rev. 377 (1992) (reprinted in 34 Corp. Practice Commentator 531 (Clark Boardman Callaghan) (1993)).

“Soft Dollar Brokerage Arrangements Involving Commodity Futures Transactions,” 16 Futures & Derivatives L. Rep. 9 (Jan. 1997) (co-authored with H. West).

“Revised Article 8 of the NYUCC,” Cadwalader, Wickersham & Taft - Client & Friends Memorandum (October 1997) (co-authored with S. Cohen and L. Kalembka).

“Broker-Dealer Lite: SEC Regulations for OTC Derivatives Dealers,” 17 Futures & Derivatives L. Rep. 9 (co-authored with M. Bartlett and R. Shirazi).

“Derivatives for Governmental Users: Basics, Uses and Risks,” Holland & Knight LLP – Public Finance, Vol. 4, Issue 1 (May 2004) (co-authored with R. Stephens).

“Fixed Spread Basis Swap: Trade Summary,” Holland & Knight LLP – Public Finance, Vol. 5, Issue 1 (January 2005) (co-authored with R. Stephens).

“Changes in Federal Insolvency Laws Benefit the Municipal Financial Market,” Holland & Knight LLP – Public Finance, Vol. 5, Issue 2 (August 2005).

“Municipal Derivatives and Taxation – Current Topics,” Holland & Knight LLP – Public Finance, Vol. 6, Issue 1 (March 2006) (co-authored with J. Theberge).

“Disorder in Discounting - §440.34 and the Present Value of Future Benefits”, The Florida Bar – Workers' Compensation Section – News & 440 Report (Winter 2021).


Professional References

Representative engagements:

* Analyze documents, opposing expert's report, and financial issues, assist during opposing expert's deposition, and provide deposition testimony in a NY State Court case concerning a $500 million muni bond repurchase agreement, interest rate derivatives, and tender option bond programs. Case settled.

* Review documents and opposing expert's report, preparation of rebuttal report on $17 million aircraft loan, guarantees and swap documentation and sales practices, and provide deposition testimony in a Federal District Court case concerning industry standards with respect to loan and guarantee documents and swaps. Case settled.

* Prepare expert reports for plaintiff in complex, multi-billion dollar Federal Court case involving state insurance law, an analysis of the use of derivatives by a large insurance company, and the treatment of such derivatives as "securities" for various purposes. Case settled.

* Analysis of trading activity, losses and churning for claimant in an NFA arbitration proceeding concerning an agricultural futures and options account of a U.S. farmer with hog and grain operations. Developed rebuttal of respondents' positions. Settled during mediation.

* Prepare expert rebuttal report and deposition testimony in a Federal District Court case involving claims of wrongful registration of transfer of securities under the UCC and refuting fiduciary duty and negligence claims asserted against defendant. Case settled.


Education

J.D., University of Virginia School of Law, May 1991.

M.B.A., Katz Graduate School of Business, University of Pittsburgh, July 1988.
• Concentration in Corporate Finance, Investments, and Economics, Summa cum laude.

B.B.A., University of Miami, May 1987.
• Finance major, General University Honors, Summa cum laude.




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