Bill GrossA California state judge has issued a tentative ruling approving Bill Gross’ lawsuit against PIMCO for a court judgment.
Without ruling on the merits of the case, Judge Martha Gooding said the PIMCO co-founder’s complaint against his former employer contained enough facts to plead a case.
According to the ruling, “Plaintiff Gross alleges sufficient facts based on allegations concerning his status as the founder, a 40-year history, an alleged track record of bringing success and/or fame to the enterprise, as well as a series of alleged oral promises/assurances of continued employment.”
The ruling is in response to a legal filing by PIMCO requesting the lawsuit’s dismissal, in which the bond giant described the complaint as “a legally groundless and sad postscript” to Gross’ tenure.
“The complaint suffers from two fatal flaws,” the filing said. “First, the allegations are untrue. Second, even if every well-pled fact were assumed to be true, the complaint fails to state any viable legal claim.”
Gross sued PIMCO and its parent company Allianz in October for at least $200 million, claiming he was wrongfully pushed out of the firm and denied “hundreds of millions of dollars” in earned compensation.
Related: Bill Gross Sues PIMCO for $200M; Inside Bill Gross’ Lawsuit; PIMCO Hits Back at Gross Lawsuit