Bill Gross claims conspiracy
Looks like there are some major sour grapes from the former bond king, according to various reports.
Gross' new fund is down 1.9% this year.
The claim demands "hundreds of millions of dollars" claiming he was wrongfully pushed out.
"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 of Pimco in order to take, without compensation, Gross's percentage ownership in the profitability of Pimco," according to the complaint.
Gross' lawyer said he's not looking to pad his billion and would donate all the proceeds to charity.
The real scandal here is the bonuses guys at Pimco were paying themselves for mediocre performance.
