] lawyers were right when they accused Bill Gross
of engaging in "reputational warfare."
That claim seems to be supported by a new book, The Fixer
by public relations specialist Michael Sitrick
and by Dennis Kneale. MFWire
has not yet read the book, which was released today, yet the New York Post reports
that Sitrick portrays Gross' 2015 lawsuit against Pimco as a way to fix Gross' reputation by getting his "complete story to the public" and "setting the record straight."
After outflows, a CEO departure, and some unfavorable press leaks, Pimco co-founder and star bond fund PM Gross left
Pimco in September 2014, triggering outflows of $1 billion a day or more
that were likened to a real-world stress test
of the asset management industry. Gross joined Janus and quickly started telling
of the infamously bad breakup, even revealing
that Pimco fired him.
In October 2015, Gross sued
Pimco for $200 million in damages, saying he was wrongfully dethroned by the "cabal" of managing directors running the firm. Pimco pushed
back and belittled
Gross' "sad obsession", while Gross accused the fund firm of "bad faith obstruction" in the deposition process. Yet in March 2017 the two sides buried the hatchet
, with a reportedly $81-million settlement to Gross (which he promised to donate to charity) as well as the creation of an annual "Bill Gross Award" and a "Founders Room" at Pimco HQ. In his new book, Sitrick portrays Gross giving away the lawsuit's proceeds as another piece of the reputational repair job.
Neil Anderson, Managing Editor
Stay ahead of the news ... Sign up for our email alerts now