Photo: Business Insider
Bloomberg is reporting that Jeff Gundlach and TCW have settled a suit stemming from Gundlach’s departure from the Los Angeles-based money manager:TCW and the company founded by Gundlach, DoubleLine Capital LP, “jointly announce that they have settled all claims between and among themselves as well as DoubleLine Funds Trust, Jeffrey Gundlach, and other individuals,” TCW said yesterday in a statement.
Details of the settlement were not disclosed. DoubleLine confirmed the statement.
In September, a jury awarded Gundlach and three other former TCW employees $66.7 million in unpaid wages, stemming form performance fees accrued while they worked at TCW. They also found that Gundlach breached his fiduciary duties to TCW, but did not award any damages.
TCW initially sued Gunlach in January 2010 claiming $566 million in damages. Gundlach then countersued, contending that TCW had failed to pay performance fees that were due to him.
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