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Breaking: Bill Gross Files Major Lawsuit Against Pimco
You might first want to read our July 2014 story about Mr. Gross's apparent imbalance, then the opening lines of the lawsuit:
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, a cabal of PIMCO managing directors plotted to drive founder Bill Gross out ... their improper, dishonest, and unethical behavior must now be exposed.
Shortly thereafter, he suggests that a couple hundred million would make him feel better.
IMHO, PIMCO is not blameless. I would venture a guess if PIMCO would publicly apologize, Bill would forgo any money he feels owed. At his age, his ego should matter more than money.
PIMCO really does not need this while Bill does not have anything to lose professionally or otherwise.
IMHO, PIMCO is not blameless. I would venture a guess if PIMCO would publicly apologize, Bill would forgo any money he feels owed. At his age, his ego should matter more than money.
PIMCO really does not need this while Bill does not have anything to lose professionally or otherwise.
I agree that PIMCO does not need this given the loss of assets over the past year or so. However, I don't think this helps Gross or his Janus funds, either. Seriously, does Janus want this in the news? I don't think this will attract investors to any of the funds managed by Gross. He may feel that he got the shaft in the past but he also has a current job with Janus. Question: Has Gross been distracted with this lawsuit while managing money for investors? I wouldn't be throwing any money his way, that's for sure.
Powerful vocabulary - what one uses to attract attention and speculation when substance is lacking to support a claim. Poor Bill has a bruised ego, waa-waa.
Oh, come on you guys... let's have a little empathy here. They were really mean to him. Especially after he did all of that great stuff for us investors.
@OJ I'll have a little sympathy when he says he'll donate part of that settlement to MFO. We're non-profit aren't we? He wants to give it away and a site like this is right down his ally - so to speak. PS - Don't hold your breath waiting.
Oh, come on you guys... let's have a little empathy here. They were really mean to him. Especially after he did all of that great stuff for us investors.
Perhaps PIMCO could say "I'm sorry" by offering his new funds through PIMCO. OR, not holding my breath but I wonder if PIMCO could start a new fund, maybe call it ticker BILL (Bill's Insult Legal Leverage) and see if it gains value. Bill get's a percent in settlement from PIMCO for shares bought. That way the investors show some appreciation.
Gross was expecting a bonus of about $250 million for 2014, with most of that due in the second half of the year, according to the lawsuit. Because he left the firm days before the third quarter ended, Pimco refused to pay him a proportionate amount, said the complaint, which claims that his termination resulted in damages to Gross of no less than $200 million.
Gross, who is worth $2 billion according to the Bloomberg Billionaires index, says he wouldn’t keep money he might recover in a lawsuit. Patricia Glaser, Gross’s lead attorney, said in an e-mail that all proceeds from the lawsuit would go to charity, including the Pimco Foundation.
I think PIMCO should settle on first principles. They would be giving to charity. Heck, how about PIMCO says "Bill, if your lawyer accepts only 10% of the amount instead of 40% since lawyer wouldn't really be working this hard, we will settle by directly distributing the proceeds to the charity of your choice".
I'm thinking that he probably is the charity of his choice.
Somehow I doubt that. He is not narcissistic like some running for public office. He is worth $2B. Ego can be his problem, but if it was so bad, he would not even bother saying he will donate to charity. There was no reason for him to do that since it would in no way influence the legal outcome anyways.
I'm sorry, but as I say again. PIMCO is equally to blame here and it is PIMCO who is going to suffer regardless of the outcome of this lawsuit. Are we really thinking if PIMCO wins suddenly people will throw assets at it? Of course not.
PIMCO has already lost its identity. Its push into equities has failed. Now it is diving into alternatives. If needs to be focused on its business model and not on its lawsuit. Settle and move on.
As I'm sure everyone realizes, it's not about money. It's about revenge. Drag PIMCO brass - especially former CEO/CIO El-Erian through the mud. Make their lives miserable - even as I sully my own.
Yes. I can empathize. Can't we all? Been wronged. Gonna show em!
And Oh - If along the way a few more PIMCO investors flee, that's OK too.
Comments
The text is here: http://www.scribd.com/doc/284078222/Complaint#
Oh, Bill.
David
PIMCO really does not need this while Bill does not have anything to lose professionally or otherwise.
But com'on Bill. Stuff Happens!
"What we have hee-yah is a fail-yuh to com-mun-i-cate."
PS - Don't hold your breath waiting.
Gross, who is worth $2 billion according to the Bloomberg Billionaires index, says he wouldn’t keep money he might recover in a lawsuit. Patricia Glaser, Gross’s lead attorney, said in an e-mail that all proceeds from the lawsuit would go to charity, including the Pimco Foundation.
More below...
http://www.bloomberg.com/news/articles/2015-10-08/gross-to-sue-pimco-for-hundreds-of-millions-over-his-ouster
I think PIMCO should settle on first principles. They would be giving to charity. Heck, how about PIMCO says "Bill, if your lawyer accepts only 10% of the amount instead of 40% since lawyer wouldn't really be working this hard, we will settle by directly distributing the proceeds to the charity of your choice".
I'm sorry, but as I say again. PIMCO is equally to blame here and it is PIMCO who is going to suffer regardless of the outcome of this lawsuit. Are we really thinking if PIMCO wins suddenly people will throw assets at it? Of course not.
PIMCO has already lost its identity. Its push into equities has failed. Now it is diving into alternatives. If needs to be focused on its business model and not on its lawsuit. Settle and move on.
As I'm sure everyone realizes, it's not about money. It's about revenge. Drag PIMCO brass - especially former CEO/CIO El-Erian through the mud. Make their lives miserable - even as I sully my own.
Yes. I can empathize. Can't we all? Been wronged. Gonna show em!
And Oh - If along the way a few more PIMCO investors flee, that's OK too.
'Course, they won't miss my money, eh?