DoubleLine Founder, TCW Settle

Jan 3 2012 | 4:52am ET

The ugly legal battle between TCW Group and its former chief investment officer, who now runs an asset management and hedge fund firm, is over.

TCW and Jeffrey Gundlach's DoubleLine Capital said Thursday that they had settled their varied lawsuits against one another, three months after a Los Angeles jury simultaneously awarded Gundlach $66.7 million in unpaid wages and found that he had misappropriated TCW's trade secrets.

The jury declined to award TCW, which fired Gundlach two years ago, any damages for its claims that Gundlach had breached his contract and intentionally interfered with TCW's business. But a judge was still to rule on possible royalties owed by DoubleLine to TCW.

Terms of the agreement, which DoubleLine said were "confidential," were not disclosed.

TCW fired Gundlach in December 2009, accusing him and others at DoubleLine of conspiring to steal its trade secrets and clients. For good measure, it added that a search of Gundlach's offices following his termination uncovered "hardcore" pornography and drug paraphernalia. Gundlach, who set up DoubleLine just 10 days after his firing with backing from his fellow TCW veterans at Oaktree Capital Management, shot back with a lawsuit of his own, which he won following the six-week trial.


In Depth

Israeli Hedge Fund Harnesses Big Data

Jul 28 2014 | 8:10am ET

Apica Green is a multi-million dollar Israeli hedge fund that is based in Tel Aviv...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

Compelling Opportunities In The Alternatives Space

Jul 29 2014 | 9:33am ET

In an environment where many asset classes seem expensive by historical standards...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note