September 8, 2011 |
Money manager Jeffrey Gundlach testified in a trial against TCW Group Inc. over his 2009 firing that he had negotiated, in contracts going back to 1992, specific conditions under which the firm could terminate him "for cause. " "I wanted to make sure I couldn't be fired out of the blue," Gundlach told jurors Wednesday in state court in Los Angeles. He also said that since 1989, he was entitled to accrued compensation if he was fired by TCW. Gundlach, 51, who worked at TCW for 25 years and was named Morningstar's fixed income manager of the year in 2006, says the Los Angeles-based unit of Societe Generale fired him to avoid having to pay management and performance fees for the distressed-asset funds that his group managed and that went "through the roof.
September 25, 2012 |
Who would steal art, and who would buy it? We asked stolen art expert Robert K. Wittman that question after thieves stole artworks owned by bond king Jeffrey Gundlach. Gundlach has offered a $1.7-million reward for the safe return of the stolen pieces, worth an estimated $10 million. Works by Piet Mondrian, Jasper Johns and Richard Diebenkorn were taken. Wittman, a former FBI agent, wrote the book "Priceless: How I Went Undercover to Rescue the World's Stolen Treasures.
July 22, 2011 |
A Los Angeles courtroom is about to become a venue for Wall Street's dirty laundry. In a trial expected to be closely watched by the financial industry, L.A. money management giant TCW Group is suing its former chief investment officer, Jeffrey Gundlach, alleging that he and his aides conspired to steal massive amounts of TCW proprietary information in 2009 to set up a rival firm. Gundlach, a star bond fund manager, has denied TCW's allegations and has countersued. The 51-year-old math whiz accuses his former employer of firing him to cheat him out of a huge chunk of promised income.
August 12, 2011 |
Star Los Angeles bond fund manager Jeffrey Gundlach found his character on trial as he took the stand for the first time in his high-stakes court battle with his former employer, money management giant TCW Group Inc. TCW's lead attorney, John Quinn, sought to convince the jury Thursday that Gundlach was disloyal to TCW and to his own longtime fund co-manager and that Gundlach's conduct left the firm little choice but to oust him in December 2009....
September 20, 2012 |
Star bond fund manager Jeffrey Gundlach is used to winning, but he just suffered a $10-million hit in the most unexpected way. Returning to his posh Santa Monica home after a business trip to New York this week, he found a blank space on the wall where a cherished landscape by William Wendt once hung. He then noticed more blank spaces where he had part of his multimillion-dollar art collection. The crooks even drove away in his red Porsche Carrera - and shut the garage door on the way out. Gundlach, heralded on Wall Street for his bond investing prowess, is the founder of DoubleLine Capital in Los Angeles.
September 17, 2011 |
He was cast as the epitome of Wall Street greed, but in the end a jury sided with star money manager Jeffrey Gundlach's claim that he wasn't paid enough. In a bitter court battle that pitted Gundlach against his longtime employer, Los Angeles investment giant TCW Group Inc., jurors delivered verdicts Friday that left both sides claiming victory. The panel largely agreed with TCW's side of the case, yet ordered the firm to write a $67-million check to Gundlach and three lieutenants for back pay, while TCW's own demand for damages was denied.