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DoubleLine Capital LP v. Oderbrecht Finance Ltd.

Expert's Report on Loss Causation, Damages Satisfies Rule 702, 'Daubert', Is Not Excluded

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OPINION AND ORDER Plaintiffs DoubleLine Capital LP, DoubleLine Income Solutions Fund, and DoubleLine Funds Trust (collectively “plaintiffs” or “DoubleLine”) allege that misstatements and omissions made by defendants Odebrecht, S.A. — Em Recuperação Judicial (“OSA”),¹ Construtora Norberto Odebrecht, S.A. (“CNO”), and Odebrecht Engenharia e Construção S.A. (“OEC”) (collectively “defendants” or “Odebrecht”) induced DoubleLine to purchase Odebrecht bonds at inflated prices. DoubleLine has pleaded claims under §10(b) of the Securities Exchange Act of 1934, 15 U.S.C. §78j(b), and SEC Rule 10b-5, 17 C.F.R. §240.10b-5, against CNO and OEC; under §20(a) of the Exchange Act, 15 U.S.C. §78j(b), against OSA; and under state law, for fraud against CNO and OEC and for negligent misrepresentation against all defendants. See Third Amended Complaint (“TAC”) (Dkt. 61)

302-27; DoubleLine Cap. LP v. Construtora Norberto Odebrecht, S.A., 413 F. Supp. 3d 187, 224 (S.D.N.Y. 2019) (“DoubleLine II”). During discovery, plaintiffs proffered the Expert Report of Sanjay Unni, Ph.D. (the “Unni Report”) (Dkt. 293-1) concerning loss causation and damages. Dr. Unni conducted an event study, from which he concludes that breaking news implicating Odebrecht in the long-running international bribery scheme underlying this action caused the prices of plaintiffs’ Odebrecht bonds to drop, thus establishing loss causation, and that the price declines attributable to those revelations are a reliable measure of the price inflation caused by the fraud, thus establishing plaintiffs’ damages. See Unni Rep. at 3,

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