PIMCO has made its first formal response to Bill Gross' lawsuit, describing the veteran manager's complaints as "legally groundless".
Gross (pictured) is suing PIMCO for "hundreds of millions of dollars" on the basis that he was allegedly forced out of the firm he co-founded and his bonus illegally witheld. In its first formal response to the lawsuit, PIMCO said: "Mr Gross' complaint is a legally groundless and sad postscript to what had been a storied career at PIMCO. "This suit is only the latest step in Mr Gross' effort to resurrect a personal reputation damaged by his own unacceptable behaviour." The investment management company that Gross co-founded in 1971 also called his claims "reputational warfare", Blo...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
