notched a victory in its battle with TCW
when a judge ruled that TCW cannot ask the court to temporarily close the DoubleLine Funds Trust or demand that it give back gains, Bloomberg
. The battle, though, is not over: Los Angeles Superior Court Judge Carl West allowed TCW to refile parts of its complaint.
To read the rest of the story of the fight between Gundlach and TCW, click here.
TCW filed suit against the trust and its trustees on December 1. TCW alleged that the defendants had misappropriated trade secrets.
In January of last year, TCW sued its DoubleLine CEO and ex-TCW CIO Jeff Gundlach
and other former employees who went over to DoubleLine. That case is ongoing.
The Bloomberg article has this quote from Steve Madison, an attorney at Quinn, Emanuel, Urquhart & Sullivan LLP who represents TCW: “Today’s ruling means that TCW’s case against the DoubleLine mutual funds is going forward. Our original case against Jeffrey Gundlach, DoubleLine Capital and other co-defendants for massive theft of trade secrets will go to trial in July.
According to today’s ruling, the trial against the DoubleLine mutual funds will follow. After months of discovery we believe the evidence against all of the defendants is overwhelming, and we look forward to proving our claims in court.”
From the DoubleLine camp, DoubleLine Funds Trust president Ron Redell
told Bloomberg: “The court struck down TCW’s unprecedented attempt to claim the returns of mutual-fund investors.This ruling duly protects investors regardless of what TCW does in the future."
Armie Margaret Lee
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