Societe Generale Says Goodbye to TCW's Founder
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Wednesday, February 17, 2010

Societe Generale Says Goodbye to TCW's Founder

Even as his brainchild is locked in a separate legal battle with a former employee here in the U.S., Robert Day is setting aside one of his hats across the Atlantic. Reuters' Julien Ponthus reports that the TCW founder resigned on December 31 from the board of Societe Generale, the French bank that owns TCW.

A SocGen spokeswoman told Reuters that Day left "for personal reasons."

Day, the former mentor of estranged ex-TCW investment guru Jeff Gundlach, faces a class action lawsuit in the U.S. and a French regulatory investigation over his sale of Societe Generale stock before the January 2008 revelation of $6.69 billion in losses thanks to a junior trader.

Meanwhile, Gundlach and his new firm, DoubleLine, continue to duke it out in court in the wake of Gundlach's ouster and TCW's merger with MetWest in December.

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