Wednesday, 27 August 2014
Last updated 5 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…