Bill Gross sues PIMCO

Bond King Bill Gross has sued his former employer, Allianz-owned bond fund manager Pacific Investment Management Co.

Mr. Gross is seeking "in no event less than $200m" from his former employer, among other causes for breach of covenant of good faith and fair dealing.

The star fund manager alleges he was ousted by a cabal of PIMCO managing directors who were "driven by a lust for power, greed, and a desire to improve their own financial position."

According to Gross, his colleagues Mohamed El-Erian and Daniel J.Ivascyn were driven by a desire to move into more risky – but for themselves more rewarding – asset classes.

Gross was finally forced to leave after Ivascyn and several others threatened to resign if he was not forced to exit.