December 30, 2011 |
Star bond trader Jeffrey Gundlach and his former employer, TCW Group Inc., said they settled a lawsuit over his firing in 2009 and allegations that he stole trade secrets to set up his own firm. The two sides issued a joint statement but did not release terms of the deal. FOR THE RECORD: An earlier version of this article said the settlement pertained to one part of the case. TCW said it covers all claims. TCW, the Los Angeles-based money management unit of French banking giant Societe Generale, and Gundlach were locked in an often bitter court battle this year.
November 30, 2011 |
The French parent of TCW Group Inc. said Tuesday that the Los Angeles investment firm is not for sale. The declaration by Societe Generale came in response to a report by Bloomberg News, which quoted anonymous sources saying the French bank may put the U.S. money manager up for sale, or potentially strike a deal for a management-led buyout. "Societe Generale's plans for TCW have not changed," SocGen said in a statement. "TCW is not for sale, and we continue to believe that TCW is on a trajectory for strong and sustained growth.
November 29, 2011 |
Societe Generale, France's second-biggest bank, is weighing whether to put its U.S. asset manager TCW Group up for sale, said people with knowledge of the situation. One option may be a management-led buyout of the business, said two of the people, who spoke on the condition of anonymity because the matter is private. Societe Generale may decide not to sell TCW and could still pursue an initial public offering for the unit, the people said. Los Angeles-based TCW may be valued at about $1 billion, one person said.
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.
September 14, 2011 |
After a six-week court case of often head-spinning complexity, the bitter legal battle between star L.A. bond fund manager Jeffrey Gundlach and his former employer, TCW Group Inc., is in the hands of the jury. Their mission: Try to decide which of two very well-heeled combatants deserves potentially hundreds of millions of dollars in damages from the other after TCW ousted Gundlach nearly two years ago. Mindful that the jurors most likely can't personally relate to the huge sums of money involved, TCW attorneys tried to reduce the case to issues of simple right and wrong in their closing arguments Tuesday.
September 13, 2011 |
Money manager Jeffrey Gundlach testified that he met with Goldman Sachs Group Inc. before TCW Group Inc. fired him in 2009 and that he sought advice on how to improve his situation at the Los Angeles asset management firm. Gundlach was the final witness in the trial over whether he stole TCW's trade secrets before starting his own company or TCW fired him to avoid paying management and performance fees owed to him as the firm's chief investment officer. He told jurors in state court in Los Angeles on Monday that he was advised by Goldman Sachs either to arrange for better corporate governance terms so that he could stay at TCW, attempt a management buyout of TCW or negotiate his own departure.