Informed that he wouldn’t get the bonus if he quit ?
Bloomberg News reports that Bill Gross was warned he would lose his bonus if he quit Pacific Investment Management Co. before the end of the quarter, Pimco said in a court filing, challenging the central claim in his lawsuit against his former employer seeking hundreds of millions of dollars.
“He had no employment agreement, and he acknowledged that leaving Pimco before the end of the third quarter of 2014 would render him ineligible for the profit sharing payments he now claims he is owed,” Pimco said in a court filing Monday.
In its first response to the substance of Gross’s allegations in the state court suit in Santa Ana, California, Pimco says the fund manager met with CEC Douglas Hodge and general counsel David Flattum on Sept. 25, 2014, the day before his exit, and was informed that he wouldn’t get the bonus if he quit. He left a handwritten resignation note the next morning, according to the filing.
“Very defensive, nothing remotely new,” Gross’s attorney, Patricia Glaser, said in response to the filing. “We’re anxious to have the case proceed.”
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