Pimco co-founder Bill Gross won access to some of the firm’s internal records he says will show he was forced to resign two years ago so his former colleagues could divvy up his $200m bonus among themselves.
Bloomberg News reports that a state court judge in Santa Ana, California, handed a partial victory Monday to Gross in his document quest, while also placing limits on the information that Pacific Investment Management Co. must turn over. The judge also cautioned both sides against “gamesmanship” in pretrial information sharing, known as discovery.
Gross, 72, who claims he was ousted from Pimco by a “cabal,” now runs the $1.5bn Janus Global Unconstrained Bond Fund. He was trying to force Pimco to hand over internal records on its investment strategy and compensation practices for other executives that he says are needed to pursue his lawsuit.
California Superior Court Judge Deborah Servino ordered Pimco to provide Gross with documents regarding his resignation in September 2014 and the decision not to pay him his share of the bonus pool for the quarter in which he left. She said Pimco doesn’t need to disclose records on the allocation of its bonus pool beyond 2014. Gross wanted those records up to the present.
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