Gross sues PIMCO over wrongful dismissal

Claims PIMCO refused to pay 2014 bonus

Laura Dew
clock

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 in 2014, 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, a copy of which was seen by Bloomberg. Gross (pictured) is seeking no less than $200m in damages, which, if successfully claimed, will be donated to charities including the PIMCO Fo...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Bonds

Join us today to discuss why 2024 is an attractive entry point for fixed income

Join us today to discuss why 2024 is an attractive entry point for fixed income

Sarka Halas
clock 25 March 2024 • 1 min read
Partner Insight: Moving from cash to corporate bonds ahead of cutting-cycles

Partner Insight: Moving from cash to corporate bonds ahead of cutting-cycles

Fidelity International

Ben Deane, Investment Director, Fixed Income - Fidelity International
clock 19 March 2024 • 13 min read
JP Morgan AM to wind up Sterling Bond fund as assets dwindle

JP Morgan AM to wind up Sterling Bond fund as assets dwindle

Fund size of £29m

clock 18 March 2024 • 1 min read
Trustpilot