In a statement PIMCO made its first formal response to Bill Gross’ lawsuit regarding lost earnings, calling for it to be dismissed. The hearing is set to take place on 14 March 2016 in Orange County.
The asset management firm said there was “no merit” to Gross’ legal case for close to $250 million in alleged outstanding bonuses, or on the claim he was allegedly forced out of the firm.
“Mr Gross’ complaint is a legally groundless and sad postscript to what had been a storied career at PIMCO”, PIMCO said in the statement.
Gross’ lawyer Patricia L Glaser said in response: “We are disappointed that PIMCO has chosen to use a procedural tactic to delay getting to the merits of the case. PIMCO’s papers do not dispute the substance of Mr Gross’ allegations in any material way.”
The lawsuit was filed with an Orange County court in October. PIMCO has earlier called it “reputational warfare,” as the complaint accused named fund managers (Gross’ former colleagues) of planning his exit.
Gross, who now manages the $1.4bn Janus Global Unconstrained Bond fund, co-founded investment management company PIMCO in 1971.
