Fideres

Fideres Partners LLP, known as Fideres, is an international economic consulting firm that provides independent analysis and expert services for complex litigation. Its principal areas of work are antitrust litigation, securities litigation and financial litigation, with related research into market manipulation, financial-market structure, damages and economic policy. The firm works mainly with law firms, regulators and their clients, supporting matters from early case assessment through expert reports, class-certification analysis, valuation, damages calculations, settlement negotiations and testimony in court. Fideres was established in 2009 by Alberto Thomas and Steffen Hennig in the aftermath of the global financial crisis. The founders designed the business around litigation and research rather than a conventional combination of corporate advisory and disputes work. This structure was intended to preserve independence and reduce conflicts that can arise when a consultancy advises both commercial institutions and parties bringing litigation. The firm's stated approach emphasizes evidence-based economic analysis, data and expert testimony. The firm's antitrust practice examines conduct that may restrict competition or harm consumers and businesses. Its work can include market definition, market power, theories of harm, counterfactual analysis, class certification and aggregate damages. Fideres has supported cases involving digital platforms, cloud computing and other technology markets. Its securities practice addresses shareholder and investor disputes, including event studies, market efficiency, loss causation, damages and Section 10(b), Section 11, Section 14 and UK FSMA matters. The firm states that it has prepared more than 150 event-study reports and damages assessments for US securities cases. Its financial-litigation practice covers disputes involving equities, interest rates, foreign exchange, commodities and financial benchmarks. Fideres has undertaken research and litigation support relating to LIBOR, foreign-exchange fixing, ISDAfix, gold-price fixing, corporate-bond pricing, investment-fund classification and alleged cryptocurrency-market manipulation. The firm’s research has been cited by financial and general-interest media and has contributed to public discussion of benchmark integrity and market structure. Fideres also maintains a network of affiliated academic and industry experts who may contribute economic analysis or testimony. Reported affiliates include economists and specialists from universities and other institutions, although the firm’s expert roster can change over time. By May 2025, reference material described Fideres as having 62 employees across six countries, with offices in New York, London, Frankfurt, Madrid, Rome and Johannesburg. It remains a privately owned, internationally oriented specialist consultancy rather than a listed financial institution or consumer-facing product brand.

Fideres Partners LLP was founded in 2009 by Alberto Thomas and Steffen Hennig after the 2008 financial crisis. The founders established the firm as a specialist economic consultancy devoted exclusively to litigation and related research. Its stated rationale was to maintain independence and avoid conflicts associated with consultancies that serve both corporate clients and litigation parties. From its beginning, Fideres positioned economic evidence, empirical research and expert testimony as the core of its business. The firm developed practices in antitrust, securities and financial litigation. In antitrust matters, it analyzes competition, market power, consumer harm and damages. In securities matters, it supports shareholder and investor claims through event studies, market-efficiency analysis, loss-causation work, damages calculations and class-certification opinions. In financial disputes, it applies economic and quantitative analysis to equities, interest rates, foreign exchange, commodities and benchmark-related claims. A significant part of Fideres’s public profile has come from research connected with alleged misconduct in financial markets. Its work has addressed LIBOR, foreign-exchange fixing, ISDAfix, gold pricing and corporate-bond issuance. The firm also researched so-called closet indexers—funds marketed as actively managed despite behavior resembling index trackers—and later analyzed issues involving collateralized loan obligations, government-backed business lending and cryptocurrency markets. These studies were reported or discussed by financial media and were used in the broader context of litigation and regulatory debate. Fideres’s litigation support has included analysis for cases concerning alleged manipulation of FX rates, ISDAfix submissions, gold fixing, Tether-related cryptocurrency activity and the Steinhoff accounting scandal. It has also worked on technology-sector competition cases. In the Amazon Buy Box litigation, its analysis addressed Amazon’s market power, alleged algorithmic conduct and potential consumer damages. In Microsoft cloud litigation, its expert work addressed market power and methods for estimating counterfactual prices and claimed harm. Other reported securities matters include cases involving Blink Charging, Ginkgo Bioworks, PureCycle Technologies and Romeo Power. The firm works with external academic and industry experts who can provide specialized evidence and testimony. Reported affiliates include economists and specialists associated with universities in the United States, United Kingdom and elsewhere. Fideres’s services extend beyond written reports to case evaluation, expert meetings, deposition and trial testimony, cross-examination support and settlement negotiations. By May 2025, Fideres was described as a privately owned partnership with 62 employees in six countries and offices in New York, London, Frankfurt, Madrid, Rome and Johannesburg. Its international network allows it to support disputes across jurisdictions while retaining a narrow specialist identity: an independent economic and financial-analysis firm built around complex litigation rather than general management consulting or investment banking.

1. 2025International six-country footprint reported

   Reference material reported 62 employees and offices in New York, London, Frankfurt, Madrid, Rome and Johannesburg.

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2. 2019Cryptocurrency-market research

   Fideres research was cited in litigation alleging that Tether issuance patterns were associated with movements in Bitcoin prices.

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3. 2014Benchmark-manipulation work enters public debate

   Fideres research and testimony contributed to public discussion of LIBOR, foreign-exchange fixing and other benchmark-manipulation allegations.

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4. 2014Research on closet indexers

   The firm reported that a portion of sampled US equity funds marketed as active funds behaved similarly to index trackers, potentially affecting investor fees and losses.

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5. 2009Fideres established

   Alberto Thomas and Steffen Hennig established Fideres Partners LLP as a privately owned, litigation-focused economic consultancy.

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An independent, litigation-focused economic consultancy specializing in data-driven analysis, expert evidence and damages assessment for complex competition, securities and financial-market disputes.

• Antitrust LitigationEconomic consulting practice

  Fideres supports competition and market-abuse claims through market definition, market-power analysis, theories of harm, counterfactual modeling, class-certification evidence and damages assessment. The practice has been used in disputes involving technology platforms and consumer markets, including allegations concerning Amazon’s Buy Box and Microsoft’s cloud-licensing practices.

• Securities LitigationEconomic consulting practice

  This practice assists shareholder and investor disputes with event studies, market-efficiency analysis, loss-causation opinions, damages calculations and expert testimony. Fideres reports extensive US securities experience across Section 10(b), Section 11 and Section 14 class actions, as well as work in UK securities matters.

• Financial LitigationEconomic consulting practice

  Fideres analyzes disputes involving equities, interest rates, foreign exchange, commodities and financial benchmarks. Its work can cover valuation, price-impact analysis, market manipulation, damages and testimony concerning alleged fraud or misconduct in financial markets.

• Research and Expert ServicesResearch and litigation support

  The firm provides independent research, expert reports, valuation and damages analysis, class-action certification support, court evidence, cross-examination assistance and settlement support. Its research has addressed debt markets, government economic programs, investment funds and cryptocurrency markets.

• 2020Research government-backed business lending and stressed debt marketsStrategy

  The COVID-19 economic shock placed business-interruption lending and lower-rated debt markets under scrutiny.

  What changed. Fideres contributed analysis and commentary concerning the UK Coronavirus Business Interruption Loan Scheme and potential losses for holders of lower-rated debt.

  Aftermath. The work was discussed in media coverage of pandemic-era economic policy and credit-market risk.

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• 2009Adopt a litigation-only consulting modelStrategy

  The founders created Fideres after the financial crisis with a stated concern that firms serving both corporate and litigation clients could face conflicts of interest.

  What changed. Fideres focused its business on independent economic analysis, research and expert services for disputes and litigation.

  Aftermath. The model established the firm’s specialist positioning in antitrust, securities and financial litigation.

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• 2019Tether-related cryptocurrency allegationsControversy

  Fideres research was cited in a class action alleging that the timing of Tether issuances contributed to cryptocurrency price manipulation. The allegations were claims in litigation, not an established finding against Fideres.

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• 2014Foreign-exchange fixing allegationsControversy

  Fideres research examined unusual price movements around the daily FX fixing and was cited in litigation alleging coordinated manipulation by major foreign-exchange dealers.

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• 2014ISDAfix allegationsControversy

  Research attributed to Fideres was cited in allegations that financial institutions coordinated ISDAfix submissions, a benchmark used in derivatives contracts.

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• 2012LIBOR and benchmark-manipulation researchControversy

  Fideres participated in research and litigation-related analysis concerning allegations that banks manipulated LIBOR and other financial benchmarks. Co-founder Alberto Thomas later gave evidence to the UK Treasury Select Committee on the causes and prevention of benchmark manipulation.

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• 2025Fideres reported work across six countries

  Reference material described the firm as employing 62 people across offices in New York, London, Frankfurt, Madrid, Rome and Johannesburg.

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• 2016Fideres research examined corporate-bond pricing

  A Fideres study reported evidence of systematic overpricing in corporate bonds and estimated potentially significant costs for companies issuing debt.

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• 2014Fideres research examined alleged gold-price manipulation

  Research attributed to Fideres examined sharp movements around the London gold-fixing process and reported potential manipulation on a substantial share of observed occasions.

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1. Fideres