Bill Gross sues former employer, Pimco, for $200 million
By KEN SWEET, Associated Press
Oct 8, 2015 1:05 PM CDT
FILE - In this Aug. 17, 2010 file photo, billionaire bond investor Bill Gross, founder of PIMCO, appears at the Conference on the Future of Housing Finance, at the Treasury Department in Washington. Gross is suing PIMCO for more than $200 million for breach of contract and plotting to oust him from...   (Associated Press)

NEW YORK (AP) — Billionaire bond investor Bill Gross is suing his former employer, Pimco, for more than $200 million for breach of contract and plotting to oust him from the firm he founded more than four decades ago.

The suit, filed Thursday in Orange County, California, alleges that Pimco executives plotted to remove Gross in an internal power struggle that eventually led to him leaving the company in September 2014.

Pimco, which is based in based in Newport Beach, California, says the lawsuit has no merit and the firm will respond in court.

Gross founded Pacific Investment Management Co., better known as Pimco, in the 1970s. Its Total Return Fund, overseen directly by Gross, was by far the biggest bond fund with more than $300 billion in assets at its peak.