Gross sues Pimco

October 8, 2015 11:09 AM

Bill Gross, the prominent bond investor, has sued his former employer Pacific Investment Management Co and its parent Allianz SE for $200 million, claiming that he was wrongfully ousted by a "cabal" of executives who wanted his share of the bonus pool.

In a complaint filed on Thursday in the California Superior Court in Orange County, Gross said Pimco managing directors were "driven by a lust for power, greed, and a desire to improve their own financial position and reputation" in an ultimately successful plot to drive him out in September 2014.

The lawsuit accuses Pimco of constructive termination, breach of contract, and exercising bad faith.

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