For someone seemingly so steeped in the Principled approach—minor videotaped transgressions aside—and its emphasis on process and doing things the right way, Bridgewater Associates has to admit it is very disappointed in former co-CEO Eileen Murray. Indeed, it has to wonder whether she ever really understood the Tao of Ray; whether, in spite of her having survived and apparently thrived for a decade in Westport, she ever really properly acclimated in those first 18 months. While she had perhaps in that time earned the right to have an opinion on how much she should have been paid on her way out the door, she surely should have known that it was very unPrincipled indeed to share that opinion her new employer, which just happens to be an employer that regulates Bridgewater, about their little dispute over determining the true value of a penis or lack thereof in a severance package. And surely she must, or should, have known that the proper (and, by the way, contractual) way to handle it was not in the courts.
According to [a court filing], the two tried to work their differences out through a mediation before Murray went to court…. which Bridgewater's response said was “unsuccessful….” This ultimately led Murray to file a lawsuit on July 24 alleging that Bridgewater withheld her deferred compensation….
In its Wednesday filing, Bridgewater cited an employment agreement Murray signed in 2017 that said Murray would have to undergo a “mandatory” two-step process to resolve a dispute. She would first have to submit her claims to a non-binding mediation. If those claims remained unresolved, then she would have to take them to a binding arbitration, according to Bridgewater’s filing.
“Murray was aware that she was giving up her right to a court or jury trial by signing the agreement,” Bridgewater's response said.
In the meantime, Bridgewater’s found a good way to deploy the money it’s not paying Murray.
Hedge fund Bridgewater Associates raised its investment in gold-backed exchange-traded funds by a third in the second quarter, buying the equivalent of 170,000 ounces of gold worth $340 million at current prices, a regulatory filing showed…. Its investment in SPDR Gold Shares was worth $914 million on June 30….