(Bloomberg) -- TCW Group's Jess Ravich has resigned from the Los Angeles-based investment firm's board after an investigation uncovered “unprofessional communications” between him and Sara Tirschwell, who is suing the money manager for alleged sexual harassment.
TCW, which oversees about $200 billion, replaced Ravich on its board with Penelope Foley, a portfolio manager specializing in emerging markets, the company said in a statement Thursday. Ravich is the head of alternatives at TCW.
Tirschwell, who was dismissed by TCW in December, sued the firm in January for $30 million, alleging she was fired after complaining about sexual harassment and unwanted advances by Ravich. She was dismissed for “repeated compliance violations,” spokesman Doug Morris said in a phone interview.
TCW hired a law firm to conduct an independent investigation of Tirschwell's claims and “learned of some unprofessional communications between Mr. Ravich and Ms. Tirschwell,” Chief Executive Officer David Lippman wrote in a memo to employees that was seen by Bloomberg. “Because we have always maintained that the facts of this case, determined through due process, will determine our actions, TCW is now taking certain disciplinary measures with respect to Mr. Ravich.”
Ravich, who was named to TCW's board in December, went on leave from the board earlier this year, Lippman wrote.
“I stand by my complaint,” Tirschwell said in an email. “TCW, without investigating the facts, chose to believe Jess Ravich's denials and even announced publicly his promotion to TCW's board of directors two weeks after I was terminated under pretext, and three weeks after I made my complaint to TCW's human resources department. His resignation from TCW's board is too little too late.”
Ravich didn't immediately respond to requests for comment.
“TCW and I continue to deny the claims made against us, and Mr. Ravich continues to deny those made against him,” Lippman said in the memo.
Previously: Ex-TCW Fund Manager Seeks $30 Million in Harassment Suit
To contact the reporter on this story: John Gittelsohn in Los Angeles at johngitt@bloomberg.net
To contact the editors responsible for this story: Margaret Collins at mcollins45@bloomberg.net, Josh Friedman
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