Ray Dalio, the billionaire founder of Bridgewater Associates, defended top executive Greg Jensen from allegations of a personal relationship with a female employee, saying he’s a “man of high character.”
Bridgewater, the world’s largest hedge fund, paid a more than $1 million settlement to a woman who had a relationship with Jensen, the firm’s co-chief investment officer, the Journal reported earlier Tuesday. After agreeing to the settlement, the employee was escorted from her desk, the newspaper said.
Dalio said in a statement issued Tuesday that “I would not have tolerated the pattern of behavior inaccurately described by The Wall Street Journal.”
Separately, in a letter to clients, Bridgewater said that it’s had a “handful” of mediated settlements and no legal judgments against it since its founding. The hedge fund also said last year it hired former deputy attorney general Jamie Gorelick of WilmerHale to independently evaluate Bridgewater’s policies and procedures.
Dalio was personally involved in approving the settlement and in mediating the matter, which was brought to the firm’s attention about three years ago, the Journal reported, citing people familiar with the matter that the newspaper didn’t identify. Shortly after the first woman came forward, another woman accused Jensen of groping her, the report said.
Jensen, 43, was co-chief executive officer at the time. The woman involved in the settlement had a consensual relationship with him, the Journal said. The second woman remained at the firm after making her claim but has since also left.
Client Letter
In a tweet posted on Tuesday morning, Dalio, 68, wrote: “A good principle is ‘Don’t believe everything you read in the newspapers.”’
Colleen Schwartz, a spokeswoman for the paper, said the Journal stands by its reporting.
Jensen said in a statement to the newspaper: “The Wall Street Journal’s accusations of my behavior are inaccurate and salacious. They are hurtful to my family and my reputation with those who don’t know me, so I am deeply disappointed with their sense of responsibility.”