In his first television interview since being fired by TCW, Jeffrey Gundlach spoke with CNBC Monday. His bond fund, DoubleLine Capital, has done twice as well as TCW since it was launched on April 6 this year, and three times better than PIMCO. DoubleLine now has $610 million in assets under management.
TCW Group fired Gundlach in December and is suing him and three other former employees for allegedly trying to steal the Los Angeles-based traditional and alternative asset management firm’s clients and proprietary information. But that is only the beginning, with TCW throwing in a little character assassination, alleging that “Gundlach’s unfitness to continue as a TCW officer was strongly corroborated by discoveries TCW made the day that it relieved him of employment duties.” According to TCW, those discoveries included marijuana and drug paraphernalia—some of it “bearing evidence of recent use”—and a whole host of sexually explicit materials, including 34 “hardcore” pornographic magazine and 36 DVDs and videotapes of the same ilk. The firm also said it found “a collection of 12 sexual devices.”
Gundlach isn't taking any of this lying down. He is counter suing, claiming TCW owes him and his team potentially $1.25 billion in current or future fees from funds he started at the firm, though he did tell CNBC's Jane Wells today that he would indeed be open to settling with TCW.