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: Legal Pad | LAGundlach and TCW head to court
By Richard Binder
TCW Group Inc., the Los Angeles-based unit of Societe Generale, is suing former investment chief Jeffrey Gundlach and three ex-employees after more than half of its fixed-income professionals joined his new firm. They more than $200 million in damages.
TCW says Gundlach was fired because he threatened to quit and take key people with him. The suit claims Gundlach and other former employees "secretly" downloaded proprietary TCW information that would total about 9 million pages if printed out.
Gundlach claims he had heard TCW was going to fire him in order to cut costs. His new firm, DoubleLine Capital LP, has attracted about 40 former TCW investment professionals.
TCW's suit accuses Gundlach and other former employees of breach of fiduciary duty, unfair competition and misappropriation of confidential information.
Full post as published by Legal Pad | LA on January 08, 2010 (boomark / email).
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