November 27, 2021

Volume XI, Number 331


Heather B. Lazur

Heather Lazur specializes in cases involving a range of economic and financial issues and instruments, including securities class actions, and cases involving investment performance and strategy, valuation, mutual funds, and mortgage-backed securities.

Securities and valuation

In securities cases, Ms. Lazur has addressed class certification, market efficiency, loss causation, and damages. Ms. Lazur also has experience valuing companies, products, and lost profits. The matters she has worked on have involved a variety of industries, including asset management, financial services, and pharmaceuticals.


Ms. Lazur has worked on ERISA matters involving defined contribution and defined benefit plans. She has analyzed claims related to:

  • Fund selection
  • Investment in company stock
  • Fees (including investment management, recordkeeping, and administrative)
  • Defined benefit plan distributions

These analyses have included assessing plan participant investment behavior and frequency of investment and allocation changes.

Financial institutions

Ms. Lazur has experience analyzing issues relating to mutual funds and the investment management industry. The analyses she has performed in these matters include comparing mutual fund fees with competitors, evaluating services provided by advisors and subadvisors, determining the “but-for” composition of portfolios, and assessing the risk profile of investments and portfolios. She has also estimated damages arising from:

  • Allegations of portfolio mismanagement
  • Market timing in mutual funds
  • Inappropriate investments in MBS and other mortgage-related instruments

Government investigations

Ms. Lazur has experience in investigations involving the Foreign Corrupt Practices Act and financial institutions. In matters related to financial institutions, she has analyzed trading models and the cost of capital. Ms. Lazur is involved in SEC enforcement action research and has coauthored a publication in this area.


Articles in the National Law Review database by Heather B. Lazur