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Rating:DoubleLine Scores a Win Against TCW Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, January 21, 2011

DoubleLine Scores a Win Against TCW

News summary by MFWire's editors

DoubleLine 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 reported. 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: Todays ruling means that TCWs 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 todays 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 TCWs unprecedented attempt to claim the returns of mutual-fund investors.This ruling duly protects investors regardless of what TCW does in the future." 

Edited by: Armie Margaret Lee

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