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Friday, September 02, 2011

Did Gundlach Sign a Contract With TCW?

News summary by MFWire's editors

Trust Company of the West's (TCW [see profile]) former chief claims that Jeff Gundlach told him in May 2009 that he might leave for Legg Mason subsidiary Western Asset Management Company (Wamco). That's the latest tidbit to come to light in the courtroom battle between TCW and Gundlach's new firm, DoubleLine [see profile], both in Los Angeles.

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

Pensions & Investments' Randy Diamond reported on the testimony yesterday, which came from ex-TCW CEO Robert Beyer.

According to Beyer, Gundlach said he had no immediate plans to leave and that he understood Beyer's desire that he "do it the right way."

Beyer also testified that Gundlach never signed the financial terms for him and his mortgage-backed securities team, terms that he and TCW agreed to in May 2007. 

Edited by: Neil Anderson, Managing Editor

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