Veteran bond manager Bill Gross is suing his former employer PIMCO for "hundreds of millions of dollars" following his dismissal in 2014, according to reports.
Bloomberg reported the bond manager believes he was wrongfully pushed out by PIMCO executives who were after a larger slice of the bonus pool. He was set for a $250m bonus but as he left before the end of the third quarter, only a proportion of this was paid out. He said "their improper, dishonest, and unethical behavior must now be exposed" in a lawsuit filed in California state court today. The lawsuit presents a detailed account of the events leading up to Gross's departure on 26 September last year, a move that rattled bond markets and prompted record redemptions at what once w...
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