Thursday, 26 November 2015
Last updated 8 hours ago
Sep 19 2011 | 12:36pm ET
DoubleLine Capital founder Jeffrey Gundlach has won his lawsuit against former employer TCW Group—but TCW has won its case against Gundlach, too.
A Los Angeles jury awarded Gundlach $66.7 million in unpaid wages last week. But it also found that he breached his fiduciary duty to TCW and misappropriated his old employer's trade secrets, verdicts that could cost him much more.
While the jury awarded no damages on the breach or intentional interference with contractual relations claims against Gundlach, a judge will fix damages for the trade secrets claim. TCW said it will seek $89 million.
Both sides appraised themselves "very pleased" by the jury's decision after six weeks of testimony, concluding an ugly battle that began when TCW fired Gundlach in December 2009. The firm then sued him, alleging that DoubleLine was "entirely the product of defendant's theft of TCW property, fraud and breach of fiduciary duty." It also claimed to have found a cache of drug paraphernalia and "hardcore" pornographic material in Gundlach's office after he was let go.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…