Jury awards no financial compensation to TCW, but awards $66.7 million to Gundlach for wage claim.
According to a Bloomberg report, a jury in Los Angeles has found Doubleline CEO Jeffery Gundlach liable for breach of fiduciary duty to his former employer TCW, but awarded no damages. The jury sided with Gundlach in his countersuit, awarding him $66.7 million in unpaid wages.
Reports indicate that the jury also found that Mr. Gundlach misappropriated trade secrets. The presiding judge in the case will be responsible for setting damages on this claim.
The verdict caps off a six-week trial in which TCW alleged that Gundlach had conspired with several associates to steal proprietary information in order to set up his own firm. Gundlach counter-sued with allegations that TCW was attempting to deny him promised compensation.More on this story as it develops.