In Gross vs Pimco, Who's Playing Hide the Ball?
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Friday, September 16, 2016

In Gross vs Pimco, Who's Playing Hide the Ball?

Today marks another battle in the $200-million legal fight over what may be the most infamous, bad breakup in mutual fund industry history. And both sides made headlines this week by lobbing new accusations at each other.

Bill Gross
Portfolio Manager
The 11-month-old case is Bill Gross v Pimco, in which Gross accuses Pimco [profile] of forcing him out in 2014 when he left and joined Janus] [profile]. There's a hearing scheduled for today so that the two sides can debate how much access Gross gets to internal Pimco documents. Meanwhile, Gross is attacking Pimco for forcing his attorneys to fly rapidly around the world for depositions, and Pimco is accusing Gross of leaking things to the press and of possibly deleting relevant old emails from a previously undisclosed email account.

Bloomberg, Dealbreaker, and Reuters all covered Gross' most recent claims, filed last Friday. And Bloomberg, Dealbreaker, InvestmentNews, Reuters, and the Wall Street Journal all picked up on Pimco's filings on Tuesday.

Gross labels the grueling nature of the global deposition schedule "bad faith obstruction" on Pimco's part. Pimco counters that Gross has a "sad obession" with the fixed income mutual fund giant he co-founded. And Pimco accuses Gross of not previously revealing an AOL email account (containing information relevant to the case), of possibly deleting relevant emails from that account, and of anonymously leaking Pimco's bonus schedule for 2013. An attorney for Gross fires back and says that Pimco is "the only party trying to play 'hide the ball'."

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