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Friday, September 09, 2011

DoubleLine's President Testifies

News summary by MFWire's editors

Fundsters interested in the origins of DoubleLine [see profile] may want to look into Philip Barach's testimony in a Los Angeles courthouse yesterday. The DoubleLine president took the stand after Jeff Gundlach himself, DoubleLine's CEO, finished testifying for a second time in the legal battle between Gundlach and his former employers at Trust Company of the West (TCW [see profile]).

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

Pensions & Investments and Reuters both reported on yesterday's testimony.

Barach said the decision to launch DoubleLine wasn't made until December 5, 2009, the day after TCW fired Gundlach. Barach also confided that he helped seed DoubleLine, contributing $5 million for a 25 percent stake.

Meanwhile, Gundlach talked about contracts and fees on his final day on the stand. The lawyers' debate over compensation became so heated, according to Reuters, that the judge had to tell everyone to "calm down here." 

Edited by: Neil Anderson, Managing Editor

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