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Thursday, December 29, 2011

Gundlach and TCW Make Peace

Reported by Sean Hanna, Editor in Chief

Los Angeles is seeing its own version of the Christmas truce. Just in time for the New Year, Trust Company of the West (TCW [profile]) and DoubleLine Capital [profile] have settled their all of their lawsuits.

The two firms declined to comment on the terms of the settlement. The settlement also covers claims involving the DoubleLineFunds Trust, Jeffrey Gundlach and the other individuals named in TCW's initial suit.

"We are pleased that an agreement has been reached and that this matter is now behind us," TCW spokesman Peter Viles told MFWire.com. "TCW is well-positioned to continue the strong momentum and growth it has established over the past two years."

The two mutual fund firms have been fighting since January 2010 when TCW claimed Gundlach and other ex-TCW workers had misappropriated TCW intellectual property when they founded DoubleLine Capital. TCW had fired Gundlach in December 2009 only to see the star bond manager recruit followers from TCW to form his own fixed income management shop.

The Los Angeles Times covered the settlement in its Friday edition, and the New York Times also covered the news in its "DealBook" section.

Company Press Release

LOS ANGELES, CA--(December 29, 2011) - The TCW Group and DoubleLine Capital today jointly announce that they have settled all claims between and among themselves as well as DoubleLine Funds Trust, Jeffrey Gundlach, and other individuals. The terms of the settlement are confidential and the parties will not discuss them.

About TCW
Founded in 1971, The TCW Group, Inc., develops and manages a broad range of innovative, value-added investment products that strive to enhance and protect clients' wealth. The firm has approximately $118 billion in assets under management. TCW clients include many of the largest corporate and public pension plans, financial institutions, endowments and foundations in the U.S., as well as a substantial number of foreign investors and high net worth individuals. TCW is a subsidiary of Société Générale. For more information, please refer to www.tcw.com. 

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