A bond investor asked a California court to throw out the civil lawsuit he was facing against the company, Pacific Investment Management Co. Bill Gross asked the court, on Tuesday, to overrule the request made by the company.
Denver Post reported that attorneys of Gross sent in a new filing to overrule the request of Pimco to dismiss the breach-of-contract lawsuit filed against the investor. The attorneys said that the suit should be "overruled on all grounds." As written by his attorneys, the dismissal request of Pimco "not only ignores the allegations of plaintiff's complaint, but substitutes their own facts for those alleged in the complaint."
In response to this, a lawyer for Pimco David Boies responded that "we continue to believe that this lawsuit has no merit, and we will be responding in court in due course." Reported on CNBC, the lawyers for Pimco "remains focused on delivering outstanding investment performance for its clients."
Before facing the lawsuit filed against him, Gross was a co-founder of the company. He was known as the bond king for the success he has obtained after managing fixed-income portfolios. In September 2014, the bond king abruptly left the company following a number of tense disagreements among the executives of the business. Wall Street Journal reported that the bond king's departure was because they could not decide amongst themselves on which direction the business was going.
After he quit the firm, Gross joined Janus Capital Group Inc. in Denver. As of this writing, he is managing a small bond fund at the firm.
The lawsuit, filed in October, sought a minimum of $200 million for payment for damages from the firm. Gross also claimed that his former colleagues drove him out through "following repeated instances of intolerable working conditions," so they could improve their own careers and benefit from his bonus. Speaking in behalf of Gross, a spokesman shared that he intended to donate proceeds of the lawsuit to charity.
In November, Pimco objected to the claims made by Gross. The court has given the company until March 7th to respond before facing a hearing scheduled for March 14th.
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