When Bill Gross's desk at Pimco was cleaned out in 2014, presumably by a team of people he'd sent to do the job in his stead, unable to even look at the Newport Beach office anymore let alone set foot in the place, Pimco brass likely breathed a deep sigh of relief. After over a year of tension with their co-founder, which ranged from just slightly awkward to "We can't! We can't! We can't f*cking work this guy anymore," a year in which Gross's policies of not allowing employees to look him in the eye, docking their pay for a single typo, fining traders for sitting, and referring to himself as "Secretariat" were laid bare in the Wall Street Journal for the outside world to see, a year in which co-CEO Mohammed El-Erian decided he'd rather be a writer than live under the Gross regime any longer, a year in which Gross called up Reuters and told them El-Erian was the author of the Journal piece, that he'd been listening in on El-Erian's phone calls, and that reporters should stop taking "his side," it was all over. They were safe. Gross was someone else's problem. He couldn't hurt them anymore. OR SO THEY THOUGHT.
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.”
P.S. this isn't for revenge, it's for charity.
Gross was expecting a bonus of about $250 million for 2014, with most of that due in the second half of the year, according to the lawsuit. Because he left the firm days before the third quarter ended, Pimco refused to pay him a proportionate amount, said the complaint, which claims that his termination resulted in damages to Gross of no less than $200 million. Gross, who is worth $2 billion according to the Bloomberg Billionaires index, says he wouldn’t keep money he might recover in a lawsuit. Patricia Glaser, Gross’s lead attorney, said in an e-mail that all proceeds from the lawsuit would go to charity, including the Pimco Foundation.
So, y'know, think of the children.