Pacific Investment Management Co. fired back at the co-founder who oversaw the firm’s ascent for 43 years, saying Bill Gross’s lawsuit over his departure looks more like a screenplay than a legal filing and should be thrown out.
Bloomberg News reports that Gross’s claims that Pimco forced him out to avoid paying him a $200m cut of last year’s bonus pool have no basis in law and amount to 'reputational warfare', the investment management company said Monday in its first response in court to the lawsuit.
'Mr. Gross’s complaint is a legally groundless and sad postscript to what had been a storied career at Pimco', according to a copy of the filing provided by the company. 'This suit is only the latest step in Mr. Gross’s effort to resurrect a personal reputation damaged by his own unacceptable behavior'.
Last month Gross sued Pimco, once the manager of the world’s largest bond fund, claiming he was forced out by a 'cabal' of managing directors and that his share of last year’s profit was illegally withheld.
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