Jury in trial of TCW Group vs. Jeffrey Gundlach to deliver verdicts Friday
Jurors have reached verdicts in the civil trial pitting L.A. investment firm TCW Group Inc. against its former star bond fund manager, Jeffrey Gundlach. The verdicts will be read Friday at 8:30 a.m. PDT in Los Angeles County Superior Court.
The jury of five women and seven men reached decisions after just two days. The six-week trial wrapped up on Tuesday afternoon, and jurors started deliberations on Wednesday morning.
Investment giant TCW, which manages about $120 billion in assets, fired Gundlach in December 2009 in a shake-up that rocked the mutual fund world. One month later the company sued Gundlach, alleging that he and key aides conspired against the firm and stole TCW proprietary information to set up a rival fund management business, DoubleLine Capital, almost overnight.
Gundlach, 51, then countersued and accused TCW of ousting him after 24 years at the firm to cheat him out of a huge chunk of promised income.
The two suits were combined into one trial, and the jury must decide on both cases. Each side is seeking hundreds of millions of dollars in damages from the other.
TCW, parent of Trust Co. of the West, also sued three of Gundlach's lieutenants -- Barbara VanEvery, Cris Santa Ana and Jeffrey Mayberry -- who in turn joined Gundlach in countersuing TCW.
-- Tom Petruno
Photo: Jeffrey Gundlach, head of DoubleLine Capital and former chief investment officer of TCW Group, on the stand last month. Credit: Reuters