Case 1:15-cv-00293-LTS-RWL Document 403-31 Filed 05/10/19 Page 1 of 7

Exhibit 3
Case 1:15-cv-00293-LTS-RWL Document 403-31 Filed 05/10/19 Page 2 of 7

In the Matter Of:

S&A CAPITAL PARTNERS vs JPMORGAN

15-cv-00293-LTS-JCF

JEFFREY S. ANDRIEN

January 31, 2019

800.211.DEPO (3376)
EsquireSolutions. com
 Case 1:15-cv-00293-LTS-RWL Document 403-31 Filed 05/10/19 Page 3 of 7

JEFFREY S. ANDRIEN January 31, 2019

S&A CAPITAL PARTNERS vs JPMORGAN 1

·1· · · · · · · · · · · · · · · · · · · ·Volume: I
· · · · · · · · · · · · · · · · · · · · ·Pages:· 1 - 292
·2· · · · · · · · · · · · · · · · · · · ·Exhibits: 1 - 11

·3

·4· · · · · · · ·UNITED STATES DISTRICT COURT

·5· · · · · · · SOUTHERN DISTRICT OF NEW YORK

·6· · · · · · · ·Case No. 15-cv-00293-LTS-JCF

·7· ·________________________________

·8· ·S&A CAPITAL PARTNERS, INC.,

·9· ·MORTGAGE RESOLUTIONS SERVICING, LLC,

10· ·and 1ST FIDELITY LOAN SERVICING, LLC,

11· · · · · · · ·Plaintiffs,

12· ·VS

13· ·JPMORGAN CHASE BANK, N.A.,

14· ·CHASE HOME FINANCE, LLC, and

15· ·JPMORGAN CHASE & CO.,

16· · · · · · · ·Defendants.

17· ·________________________________

18· · · ·VIDEOTAPED DEPOSITION OF JEFFREY S. ANDRIEN

19· · · · · · · ·Thursday, January 31, 2019

20· · · · · · · · · 8:52 a.m. - 5:14 p.m.

21· · · · · · · Foster, Walker & DiMarco, P.C.

22· · · · · · · · · · ·350 Main Street

23· · · · · · · · · Malden, Massachusetts

24· ·Court Reporter:· Loretta Hennessey, RDR, CRR

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JEFFREY S. ANDRIEN January 31, 2019

S&A CAPITAL PARTNERS vs JPMORGAN 2

·1· ·APPEARANCES:
·2
·3· ·FOSTER, WALKER & DiMARCO, P.C.
·4· · · By Roberto L. DiMarco, Esq., and
·5· · · · ·Jennifer Martin Foster, Esq.
·6· · · 350 Main Street, third floor
·7· · · Malden, Massachusetts 02148
·8· · · rdimarco@fwd-law.com· ·jfoster@fwd-law.com
·9· · · 781-322-3700
10· · · Counsel for the Plaintiffs.
11
12· ·COVINGTON & BURLING LLP
13· · · By Christian J. Pistilli, Esq.
14· · · · ·and Jessica Merry Samuels, Esq.
15· · · One CityCenter
16· · · 850 Tenth Street, N.W.
17· · · Washington, D.C. 20001-4956
18· · · cpistilli@cov.com· jsamuels@cov.ocm
19· · · 202-662-6000
20· · · Counsel for the Defendants.
21
22
23
24

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 Case 1:15-cv-00293-LTS-RWL Document 403-31 Filed 05/10/19 Page 5 of 7

JEFFREY S. ANDRIEN January 31, 2019

S&A CAPITAL PARTNERS vs JPMORGAN 110

·1· · · ·plaintiffs based on not being able to derive

·2· · · ·the benefit of the bargain that they struck
·3· · · ·with the defendants.
·4· ·Q.· So you don't have a damages figure for harm
·5· · · ·relating to lien releases, correct?
·6· ·A.· I haven't parsed out damages, but my overall
·7· · · ·damages takes into account the plaintiffs'
·8· · · ·inability to execute its strategy and derive
·9· · · ·the benefits that it would expect from its
10· · · ·strategy for a variety of the failures, I
11· · · ·guess, or -- because of the claims -- if the
12· · · ·claims were found true, because of those
13· · · ·issues.
14· ·Q.· You've offered an opinion of lost profit
15· · · ·damages in the amount of 31.93 million.· Right?
16· ·A.· That's correct.
17· ·Q.· And is it your claim that that lost profit
18· · · ·damages estimate includes a component
19· · · ·attributable to lien releases?
20· ·A.· To the extent that that's why they weren't able
21· · · ·to execute their strategy, that would be
22· · · ·included in there.
23· ·Q.· You came up with that number by purporting to
24· · · ·evaluate a pool of comparable assets.· Right?

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 Case 1:15-cv-00293-LTS-RWL Document 403-31 Filed 05/10/19 Page 6 of 7

JEFFREY S. ANDRIEN January 31, 2019

S&A CAPITAL PARTNERS vs JPMORGAN 111

·1· ·A.· That is a technique I used to get there, yes.

·2· ·Q.· And how did that technique take into account
·3· · · ·alleged lien releases?
·4· ·A.· Well, for example, the pool that is -- serves
·5· · · ·as the comparable I don't believe had that as
·6· · · ·lien releases, so that would not have been
·7· · · ·included in the proceeds that they were able to
·8· · · ·derive from those loans.· And they were used as
·9· · · ·a comparable for the proceeds they were able to
10· · · ·derive or should have been able to expect to
11· · · ·derive from the MRS loans.
12· ·Q.· So your opinion on lost profit damages is
13· · · ·related solely to the MRS transaction.· Right?
14· ·A.· Yes.
15· ·Q.· You're not offering any opinion relating to
16· · · ·damages suffered by plaintiff S&A?
17· ·A.· No, I do not -- I have not offered any damages
18· · · ·related to -- suffered by S&A or 1st Fidelity.
19· ·Q.· And you've not offered specifically any damages
20· · · ·relating to alleged lien releases of S&A loans.
21· · · ·Right?
22· ·A.· That's correct.
23· ·Q.· What about 1st Fidelity, have you offered any
24· · · ·opinion relating to damages suffered by 1st

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 Case 1:15-cv-00293-LTS-RWL Document 403-31 Filed 05/10/19 Page 7 of 7

JEFFREY S. ANDRIEN January 31, 2019

S&A CAPITAL PARTNERS vs JPMORGAN 112

·1· · · ·Fidelity?
·2· ·A.· Well, no, not damages suffered by 1st Fidelity.
·3· · · ·But as a -- all these entities are somewhat
·4· · · ·interrelated, so -- but mine is -- I've
·5· · · ·quantified damages to what those interrelated
·6· · · ·parties could have expected to have received
·7· · · ·from the MRS transaction.
·8· ·Q.· Yup.· Have you quantified damages relating to
·9· · · ·the release of any loans owned by 1st Fidelity?
10· ·A.· I've not quantified plaintiffs' damages on
11· · · ·loans related to lien releases for 1st Fidelity
12· · · ·loans.
13· ·Q.· It's your testimony that a component of your
14· · · ·lost profit figure for plaintiff MRS includes
15· · · ·alleged lien releases on the MLPA transaction?
16· ·A.· It would encompass it to the extent that those
17· · · ·alleged lien releases impact the ability of
18· · · ·the -- impacted the expected returns of the
19· · · ·plaintiff.
20· ·Q.· Have you quantified the extent to which lien
21· · · ·releases impacted the ability of MRS to achieve
22· · · ·expected returns?
23· ·A.· Well, I've impacted -- I've quantified the
24· · · ·impact on expected returns as a whole.

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