Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Jeffrey Gundlach Takes the Witness Stand Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, August 12, 2011

Jeffrey Gundlach Takes the Witness Stand

News summary by MFWire's editors

Jeff Gundlach took the stand for the first time yesterday in his courtroom fight in Los Angeles with Societe Generale subsidiary TCW [see profile], and he'll return to the stand on Monday. The DoubleLine [see profile] chief and ex-TCW chief investment investment officer denied ordering his team to swipe data from TCW, and he denied planning to leave the company [see transcript].

Jeff Gundlach
DoubleLine Capital
CEO
To read the rest of the story of the fight between Gundlach and TCW, click here.

Bloomberg (in multiple articles: here, here and here), the International Business Times, the Los Angeles Times, the New York Times, Pensions & Investments and Reuters all covered Gundlach's testimony yesterday.

"There was never an instruction to do anything," Gundlach reportedly said in a videotape deposition played before his testimony yesterday.

Gundlach explained reacting badly (via e-mail) when he found out that incoming CEO Marc Stern was meeting separately with Gundlach's second in command, Philip Barach.

"It seemed like they were dividing and conquering," Gundlach reportedly testified yesterday, claiming TCW "wouldn't tell the truth to people." "They should've said 'We want to get rid of Jeffrey and we want you to take over.'"

"I never made the decision to leave," Gundlach added. "I loved TCW."

TCW fired Gundlach in December 2009 and announced a deal to buy rival MetWest to take Gundlach's team's place. Gundlach and his colleagues launched DoubleLine weeks later. TCW sued Gundlach and three others in January 2009 for alleged theft of trade secrets, and Gundlach counter-sued for breach of contract. Both Los Angeles-based mutual fund firms are asking for hundreds of millions of dollars in damages. The trial began on July 25. 

Edited by: Neil Anderson, Managing Editor


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use