German insurer firm Allianz SE (ADR)(OTCMKTS:AZSEY) stated that a lawsuit filed by renowned bond investor and ex-employee Bill Gross over his dismissal from its asset management unit known as Pacific Investment Management Co had no merit. The company reported that they will not comment on the charges other than that the case has no merit.
In a complaint filed earlier in month, Gross stated that Pimco’s MDs were driven by a lust for greed, power, and a desire to enhance their own reputation and financial position in their ultimately successful plan to oust him. His dismissal was announced on September 26, 2014.
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The details
Billionaire bond investor Gross sued his ex-employer Pimco and its parent Allianz for $200 million, stating that a greedy cabal of officials drove him out of the company he helped establish because they wanted his lucrative bonus for themselves. This lawsuit ratchets up the problems between Gross, who is now engaged at Janus Capital Group Inc, and Allianz’s Pimco, which he founded over four decades into a profitable bond fund company.
Read the full story at Wallstreetpr, by Flavia Carruth
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