Makoto Ikeya | Managing Director

Commercial dispute

  • ICC arbitration between a Japanese pharmaceutical company and a foreign research and development organization in connection with a dispute regarding their licensing agreement
  • JCAA arbitration involving a Japanese automobile OEM and its foreign distributor – expert witness service on damage quantum
  • Suzuki v. Volkswagen, International Court of Arbitration – expert consulting services related to damage calculation
  • Hitachi Construction Machinery – Expert services related to damage calculation in its dispute with the US joint venture partner

Intellectual Property

  • Toshiba v. SK Hynix, Tokyo District Court, settled on December 19, 2014 – Expert consulting services related to damage calculation
  • Patent infringement case involving a global consumer electronics company – Expert witness report related to damage calculation
  • NEC v. Tohma Japan, et al., Tokyo District Court judgment dated March 25. 2011 – Expert report related to damage calculation
  • Canon v. Ex-employee, Tokyo District Court judgment dated January 30, 2007 – Expert report related to valuation of employee’s invention (co-authored)
  • Nakamura v. Nichia, Tokyo High Court suggested settlement dated May 27, 2005 – Various expert reports related to valuation of employee’s invention (co-authored)

Securities and M&A

  • Stock price appraisal litigation involving a major manufacturing company (Tokyo District Court) – expert witness report on the fair value of stock
  • Market manipulation investigation by the Securities and Exchange Surveillance Commission – Market microstructure analysis and related advisory
  • Stock price appraisal litigation involving a real estate company and a quasi-government financial institution (Tokyo District Court)- Expert consulting on the valuation of stock
  • Stock price appraisal dispute involving a major construction machinery company and its foreign joint venture partner – Expert report on the fair price valuation
  • Stock price appraisal litigation involving a regional construction company (Hiroshima High Court) – Expert report on the valuation of stock
  • Rep and warranty damage litigation between a temporary employment company and its shareholders (Tokyo District Court)- Expert report on damage due to the misrepresentation
  • Stock price appraisal litigation between a foreign securities company and its shareholders (Tokyo District Court)- Expert report on the valuation of stock
  • Stock price dispute between a quasi-government institution and its joint venture partner – Expert consulting on the valuation of stock
  • Stock price appraisal litigation between an industrial machinery company and its shareholders (Tokyo District Court) – Expert report on the valuation of stock
  • Asset price appraisal litigation between a mail order company and a global insurance company – Expert report on the valuation of the mutual aid insurance business
  • Stock price appraisal litigation between a major transporting company and its shareholders (Tokyo District Court) – Expert report on the valuation of stock
  • Asahi Group Holdings v. Pacific Equity Partners and Unitas Capital, Federal Court of Australia, settled on Nov. 17,2014 – Consulting related to Rep and Warranty liabilities and damage
  • In re Appraisal of Toho Real Estate, Tokyo District Court judgement dated March 25, 2015 – Various expert report on the valuation of stock at issue
  • Broker-customer litigations involving a Swiss investment bank, Tokyo District Court, etc. – Various expert reports on the valuation of currency derivative products
  • Broker-customer litigation involving a French investment bank, Tokyo District Court – Expert report on the valuation of currency derivative products
  • Olympus securities litigation, Tokyo District Court, etc. – Various expert reports on damage calculation
  • Seibu Railway securities litigation, Tokyo High Court judgment dated January 30, 2014, etc. – Various expert reports on damage calculation
  • IHI securities litigation, Tokyo District Court judgment dated November 27, 2014- Various expert reports on damage calculation
  • Derivative litigation involving Nissan Shatai, Yokohama District Court judgment dated February 28, 2012 – Expert report on the reasonableness of Nissan group’s cash management system
  • In re Appraisal of lntelligence, Tokyo High Court judgment dated October 19, 2010 – Expert report on the valuation of stock at issue
  • In re Appraisal of Tecmo, Tokyo District Courtjudgment dated March 31, 2010- Various expert reports on the valuation of stock at issue
  • Livedoor securities litigation, Tokyo District Court judgment dated May 21, 2009- Various expert reports on damage calculation

Regulatory support Anti-trust regulatory matters

  • Provided economic consulting services, including market research and analysis, to a global semiconductor giant facing an investigation by JFTC regarding its business practice in the Japanese market

International Trade and Tax

  • Expert advisory services to a Japanese trading house and its foreign customers during an investigation by Ministry of Economy, Trade and Industry (METI) in connection with the anti-dumping duty regulation
  • Expert consulting services to several Japanese multinationals, including a major electric company and an auto OEM, to assist their negotiation with US and Japanese tax authorities in connection with the US-Japan Advanced Pricing Agreement program
  • Expert advisory to various Japanese multinationals, including major electric company and auto­ parts company, that were investigated by the national and regional tax authorities on matters of transfer pricing to establish robust economic argument and counterargument
  • Imabari Shipbuilding Company v. NTA- Matsuyama District Court judgment dated April 14, 2007 – Expert report on the valuation of arm’s length price range

Publications (Books)

  • “Commentary: Valuation of Stocks in Disputes – Trends and Theories in Stock Appraisal Disputes and Litigations in US and Japan”, Chuo Keizai, February 2016
  • “Economic Analysis for Securities Litigations: Studies for US and Japanese Cases and Approaches for Proving Damages”, with Satoru Kishitani and Yaye Nakano, Chuo Keizai, December 2009
  • “Case Studies of Securities Litigation – Liabilities of Misstatement”, Seibunsha, May 2011 (co-authored)
  • “Economic Analysis for Transfer Pricing: Attribution of Excess Profits and Intangible Asset Valuation”, with Nobuo Mori, Takefumi Suzuki, Yasunobu Suzuki, and Kei Maeda, Chuo Keizai, July 2008

(Articles/Working Papers)

  • “Supreme Court Judgment on the Halliburton Case – Effectiveness of the efficient market hypothesis and methods for testing”, Shoji Houmu No. 2043
  • “Application of market model and event studies in the Company Act cases (part one and two)”, Shouji Houmu No. 1990 and No. 1991
  • “Damage analysis in IP litigation – an example of Apple v. Samsung”, Business Houmu, December 2012
  • “Tax and Accounting Issues in Valuing Intangible Assets”, Keiri Joho, Chuo Keizai, October 2009
  • “Economic Approach for Fair Value Accounting”, Keiri Joho, Chuo Keizai, October 2009
  • “Issues around Misstatements and Damage”, Keiri Joho, Chuo Keizai, March 2009
  • “Research on Transfer Pricing Issues for the Pharmaceutical Industry”, A Research Project Sponsored by the National Tax Agency, with Satoru Kishitani, March 2007
  • “Application of a Range to Determine Whether Transfer Pricing is Arm’s Length”, Kokusai Zeimu, August 2006 (co-authored)
  • “Transfer Pricing and the Evaluation Method for Intangible Assets”, A Research Project Sponsored by the National Tax Agency, June 2006 (co-authored)
  • “How to Calculate and Who is Entitled to the Additional Profit from Location Savings?”, Kokusai Zeimu, December 2005
  • “Employee Stock Option Valuation: Impacts oflntroducing Lattice Models”, CFO Magazine, September 2005
  • “Economic Adjustment Methods in Transfer Pricing in Major Countries”, A Research Project Sponsored by the National Tax Agency, March 2005 (co-authored)