At least that's what it appears, based on the early reports from L.A. Superior Court. The jury found that Jeffrey Gundlach, the former superstar bond manager at L.A.-based TCW, had breached his fiduciary duty to his former employer by conspiring to steal trade secrets. But the jury did not award TCW any financial compensation. The jury also concluded that TCW owes $66.7 million to Gundlach and other co-defendants for failure to pay wages owed them. Here's the early LAT story.
Although lawyers for both sides claimed victory after the verdict, some industry watchers said that the lack of damages for TCW's claims meant the verdict had favored Mr. Gundlach slightly, although neither side had landed a knockout blow. "This divorce has been messy, and it's a good thing that the investment teams can now go back to managing portfolios without this distraction hanging over them," said Miriam Sjoblom, a bond fund analyst with Morningstar. "To the extent DoubleLine shareholders were worried about damages from this suit impacting the resources of the firm, this verdict should assuage those fears."