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Pimco: Bill Gross left resignation note in middle of the night

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Bond king Bill Gross did not tell anyone he was leaving Pimco and left a resignation letter in the middle of the night, new court filings from the asset manager show.

Gross, who quit Pimco in September 2014, left a hand-written note on his desk telling the company he was leaving, with colleagues only finding out about his departure from a press release issued by his new company Janus, the Wall St Journal reports.

Pimco and Gross are in a court battle over breach of contract allegations, with Gross suing Pimco for “hundreds of millions of dollars” on the grounds he was pushed out of the business.

The handwritten note, addressed to “CEO, Pimco” stated Gross’s resignation was effective from 6:29am on September 26th, Pimco said in its filing.

The case centres around a £200m bonus Gross says he is due, claiming colleagues pushed him out of the business before it was paid. The asset manager says Gross met with the chief executive and general counsel the evening before his departure and acknowledged he would not be eligible for his bonus if he left before the end of September.

“He had no employment agreement, and he acknowledged that leaving Pimco before the end of the third quarter of 2014 would render him ineligible for the profit-sharing payments he now claims he is owed,” Pimco said in its filing.

Pimco has hit back at Gross in the case, saying he could have been fired for his treatment of colleagues in his final months at the asset manager.

Pimco has sought to have the case dismissed, saying it is “legally groundless”. However, last month the case was given the green light, with a judge saying enough facts existed to proceed with the case.

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