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GROSS: It is all their fault

Oct 8, 2015, 23:10 IST

PIMCO / YouTube

Bill Gross is suing PIMCO, the firm that he cofounded and left last year.

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He claims that he is owed hundreds of millions in unpaid compensation.

One of the most striking things about the complaint, though, isn't the huge sums of money involved.

It is the way in which the complaint details a series of events which follow the departure of former co-CEO Mohamed El-Erian in January of 2014, and that ultimately led to Gross' exit from PIMCO for Janus Capital in September that year.

According to the complaint, a "cabal" of PIMCO executives who were "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" plotted to drive him out of the firm.

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A Pimco spokesman told Business Insider: "This lawsuit has no merit and our legal team will be responding in court in due course. Our focus remains on our clients and their investment portfolios."

Gross is referred to in the complaint as "a world-renowned investor" with a "towering reputation." His track record as an investor is referred to repeatedly.

It seems as if tensions between Gross and El-Erian started when El-Erian tried to diversify PIMCO's investment portfolio from one focused on bonds, to one with a range of asset classes.

From the complaint [emphasis ours]:

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