{"id":889360,"date":"2016-06-14T17:15:04","date_gmt":"2016-06-14T23:15:04","guid":{"rendered":"https:\/\/www.myconstructionexpert.com\/blog\/?p=889360"},"modified":"2016-06-14T17:15:04","modified_gmt":"2016-06-14T23:15:04","slug":"bombs-away-qualifying-experts-from-the-trenches","status":"publish","type":"post","link":"https:\/\/www.myconstructionexpert.com\/blog\/bombs-away-qualifying-experts-from-the-trenches\/","title":{"rendered":"Bombs Away! Qualifying Experts from the Trenches"},"content":{"rendered":"<p>Annie Dike, Esq. | <a href=\"http:\/\/www.ims-expertservices.com\/bullseye\/june-2016\/bombs-away-qualifying-experts-from-the-trenches\/\" target=\"_blank\">Bullseye<\/a> | June 7, 2016<\/p>\n<div class=\"blog page-text\">\u201cHow do you know that?\u201d<\/p>\n<p>\u201cI just do.\u201d<\/p>\n<p>You see that line often in action movies. The slick-witted, irritatingly lucky action star tells his nervous sidekick, \u201cWe can\u2019t get out this way if the bomb goes off.\u201d The sidekick asks Bruce how he knows that and Bruce says \u201cI just do.\u201d <em>How?\u00a0<\/em>Experience, that\u2019s how. Is that enough to make Bruce an <a href=\"http:\/\/www.adviseandconsult.net\/experts.php\" target=\"_blank\">expert on the matter<\/a>? According to a recent opinion from the Northern District of New York, it is.<\/p>\n<p>Assume you\u2019re handling a securities fraud case where it is alleged that your fiduciaries\u00a0<img decoding=\"async\" class=\"alignright\" src=\"http:\/\/www.ims-expertservices.com\/getmedia\/d40cc77e-1032-48f4-a4c6-ce7ca299a2cd\/Boms-Away.aspx?width=300&amp;height=199\" alt=\"\" \/><\/p>\n<div>should have implemented a blackout period (where loans and distributions are temporarily suspended) in the face of a possible merger. Let\u2019s say we were able to find you a super sharp expert with an Accredited Investment Fiduciary Designation and over fifteen years of experience as a professional fiduciary providing trustee and other fiduciary services to employee retirement benefit plans governed by ERISA. What does Mr. Designation say about this pesky blackout requirement? That it was not required at all.<\/p>\n<div>\n<div>\nMuch like our brave action hero simply knows from experience if the bomb goes off, that hallway will be completely blacked out with smoke, Mr. Designation knows\u2014from his many years of experience acting as a fiduciary\u2014that the imposition of a blackout period for reasons that are not purely administrative (change of a third party administrator or service provider, for example) are, in his words \u201cextremely rare.\u201d Further, in the context of a possible merger, he states industry standards do not require a fiduciary to consider implementation of a blackout period until there is an executed contract in place confirming the acquisition. Now how does Mr. Designation know all of this? Through his extensive experience as a fiduciary of course.\u00a0 Without citation to a particular governing standard or rule, is his experience alone enough under Rule 702? Yes.<\/p>\n<p>As the Northern District of New York put it: \u201cRule 702 expressly contemplates that an <a href=\"https:\/\/www.myconstructionexpert.com\/blog\/expert-witnesses-false-representation-of-credentials-an-introduction\/\" target=\"_blank\">expert may be qualified on the basis of experience<\/a>. In certain fields, experience is the predominant, if not sole, basis for a great deal of reliable expert testimony,\u201d citing the Advisory Committee Notes to Rule 702. While the opposition whined about Mr. Designation\u2019s failure to cite a \u201csingle document, rule, code, manual, text,\u201d etc. supporting his opinion concerning the industry standard, the court rightfully stated he doesn\u2019t have to. If the expert has sufficient experience with it, that alone can stand as support for his opinion.<\/p>\n<p>Meaning, no matter how hard the nervous sidekick pushes Bruce to quote a \u201cdocument, rule, or code\u201d proving his bomb exit theory, Bruce doesn\u2019t have to give him anything. If he is sufficiently experienced in the physics of explosions (<em>aren\u2019t all action heroes?<\/em>), he can simply say: \u201cI just do.\u201d Isn\u2019t that the expert you want taking the stand for you anyway? Someone who knows from experience and has the scars to prove it? Not someone with a clipboard, waving a rule book, but, rather, a professional who can say: \u201cI know because I\u2019ve been there.\u00a0 I\u2019ve been doing this for years and I know how to do it right, because I\u2019ve seen it done wrong and had it blow up in my face.\u201d That\u2019s an expert the jury is likely to listen to.<\/p>\n<p>Have you had success with an <a href=\"https:\/\/www.myconstructionexpert.com\/blog\/10-things-you-need-to-know-about-expert-evidence\/\" target=\"_blank\">expert<\/a> whose experience is entirely on-the-job training, as opposed to rule books or codes?<\/div>\n<\/div>\n<\/div>\n<div><\/div>\n<\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Annie Dike, Esq. | Bullseye | June 7, 2016 \u201cHow do you know that?\u201d \u201cI just do.\u201d You see that line often in action movies. The slick-witted, irritatingly lucky action star tells his nervous sidekick, \u201cWe can\u2019t get out this way if the bomb goes off.\u201d The sidekick asks Bruce how he knows that and&hellip; <a class=\"more-link\" href=\"https:\/\/www.myconstructionexpert.com\/blog\/bombs-away-qualifying-experts-from-the-trenches\/\">Continue reading <span class=\"screen-reader-text\">Bombs Away! Qualifying Experts from the Trenches<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[7],"tags":[17],"class_list":["post-889360","post","type-post","status-publish","format-standard","hentry","category-expert-witness","tag-expert-witness-2","entry"],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bombs Away! 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