Bill Gross to Sue Pimco for 'Hundreds of Millions' Over Ouster

The Business Insider reports:

Bill Gross sued Pacific Investment Management Co. and parent Allianz SE for “hundreds of millions of dollars,” claiming he was wrongfully pushed out as the bond giant’s chief investment officer by a “cabal” of executives seeking a bigger slice of the bonus pool.


“Driven by a lust for power, greed, and a desire to improve their own financial position and reputation at the expense of investors and decency, a cabal of Pimco managing directors plotted to drive founder Bill Gross out of Pimco in order to take, without compensation, Gross’s percentage ownership in the profitability of Pimco,” according to a copy of the complaint seen by Bloomberg. The complaint alleges that Pimco executives’ “improper, dishonest, and unethical behavior must now be exposed.”

No word yet on whether Bill Gross feels guilty about bailouts.