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Tuesday, August 02, 2011

DoubleLine and TCW Fight Over a Flash Drive

News summary by MFWire's editors

The court battle between DoubleLine Capital [see profile] chief Jeff Gundlach and his former employer, Societe Generale subsidiary TCW [see profile], continues. Bloomberg and Reuters report that yesterday DoubleLine's Jeffrey Mayberry admitted that he swiped a flash drive when leaving TCW in December [see transcript].

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

"I wanted to have the information to determine whether it was proper to use that information at a future endeavor," Mayberry reportedly told jurors in the civil suit and cross-claim in Superior Court in Los Angeles.

According to Bloomberg, Mayberry will return to the stand today to be questioned further by TCW's lawyers and to be cross-examined by DoubleLine's.

LA-based TCW fired Gundlach, its chief investment officer, in December 2009 and simultaneously announced a deal to buy rival MetWest to replace Gundlach and his team. Gundlach and a number of colleagues promptly launched their own firm in the City of Angels, DoubleLine. In January 2010 TCW sued, accusing Gundlach and other DoubleLiners of stealing trade secrets, and Gundlach counter-sued by claiming that TCW fired him to avoid paying hundreds of millions of dollars in fees. 

Edited by: Neil Anderson, Managing Editor

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