Considering that in the year leading up to his departure from the company he co-founded, Bill Gross was said to have enforced a policy not allowing employees to look him in the eye, docked their pay for a single typos, fined traders for sitting, and referred to himself as "Secretariat," called up Reuters and claimed Mohammed El-Erian was out to get him, that he'd been listening in on El-Erian's phone calls, and that reporters should stop taking "his side," you could be forgiven for assuming the bond manager had been fired. But no, he said to today through his lawyer. Now pay up!
Bond fund manager Bill Gross on Tuesday accused Pacific Investment Management Co of falsely claiming he suddenly decided to abandon the firm he co-founded in an effort to win dismissal of his $200 million breach-of-contract lawsuit. In papers filed in state court in Orange County, California, Gross said Pimco's "misconduct" cost him substantial sums he earned and led to a "tarnishing of his stellar lifelong reputation." Gross, long known as the "Bond King" for his years at Pimco when he oversaw what was then the world's largest bond fund, also accused Pimco of misconstruing his allegations when it sought to throw out his case in November. Pimco, he said, hoped to bait the court into making "inappropriate factual determinations" and lead the court to dismiss the lawsuit quickly. "We continue to believe that this lawsuit has no merit, and we will be responding in court in due course," David Boies, a lawyer for Pimco, said in a statement.
'Bond King' Gross: I did not quit Pimco [Reuters]