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Monday, January 11, 2010

Jeff Gundlach Hits Back at TCW

News summary by MFWire's editors

The battle between TCW and its ex-CIO Jeff Gundlach rages on. Four days after TCW filed a lawsuit against him, Gundlach sent out a letter to clients on Monday, saying TCW has "disseminated certain smears and innuendoes." The bickering parties' hometown paper, The Los Angeles Times, has uploaded a copy of the letter to its Web site.

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

TCW last Thursday filed a 39-page complaint with the State Superior Court in Los Angeles, accusing Gundlach of stealing trade secrets, making false statements about TCW and keeping marijuana and pornographic materials in his TCW office.

"I have referred TCW's unfortunate litigation tactics to my legal team and expect this matter to be handled as a business dispute in the ordinary course," Gundlach wrote in his letter.

Gundlach started his own firm, DoubleLine LLC, in the wake of his December 4 ouster from TCW.

In his letter, Gundlach wrote that TCW's "invasion and searching of locked drawers" in his office at TCW's Los Angeles headquarters and his personal office in Santa Monica was "deeply disturbing."

"After seizing these offices, TCW refused to allow me to collect my personal possessions, and the salacious disclosure in TCW's lawsuit of certain of the items apparently taken there from is a transparent attempt to embarrass me and harm my business," he wrote. "While these actions will no doubt be subjects of litigation, suffice it to say that I had every expectation of privacy in these spaces, which stored vestiges of closed chapters of my life."

Other media outlets that picked up on Gundlach's letter include Reuters and The Wall Street Journal, both of which sought a comment from a TCW spokesperson and were given this response: "We think that Mr. Gundlach's letter and the facts of the complaint speak for themselves." 

Edited by: InvestmentWires Staff, 


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