Bill Gross sued Pacific Investment Management Co. and parent Allianz SE for 'hundreds of millions of dollars', claiming he was wrongfully pushed out as the bond giant’s chief investment officer by a 'cabal' of executives seeking a bigger slice of the bonus pool.
'Driven by a lust for power, greed, and a desire to improve their own financial position and reputation at the expense of investors and decency, a cabal of Pimco managing directors plotted to drive founder Bill Gross out of Pimco in order to take, without compensation, Gross’s percentage ownership in the profitability of Pimco', according to a complaint filed Thursday in California state court.
Bloomberg News reports that the complaint alleges that Pimco executives’ 'improper, dishonest, and unethical behavior must now be exposed'.
'This lawsuit has no merit and our legal team will be responding in court in due course', Michael Reid, a spokesman for Pimco, wrote in an e-mail.
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