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Wednesday, August 10, 2011

What Will Gundlach Tell the Jury?

News summary by MFWire's editors

Fundsters following the courtroom battle between Jeff Gundlach and TCW [see profile] may pay even closer attention to the Los Angeles courtroom today. Gundlach himself, the CEO of DoubleLine [see profile] and the former chief investment officer of TCW, is scheduled to take the witness stand himself today.

To read the rest of the story of the fight between Gundlach and TCW, click here.

The International Business Times and the New York Times both report on the news and offer overviews of the fight so far.

Separately, Pensions & Investments' Randy Diamond reports that yesterday Gary Shedlin, a former consultant who advised TCW, told TCW CEO Marc Stern in October 2009 that the Los Angeles-based mutual fund firm needed to fire Gundlach and buy a team to replace Gundlach [see transcript].

TCW fired Gundlach in December 2009 and unveiled a deal to buy rival MetWest. Gundlach and his colleagues promptly launched DoubleLine (also in Los Angeles). TCW sued in January 2010, accusing the DoubleLine crowd of stealing trade secrets, and Gundlach countersued with allegations that TCW dumped him to weasel out of paying hundreds of millions of dollars in fees. The trial started two weeks ago. 

Edited by: Neil Anderson, Managing Editor


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