Pimco founder sues former colleagues for $200m

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The US investment firm Pimco has been very active in the Irish property market in recent years, bidding for and acquiring loan portfolios sold on by NAMA and Irish banks.

It was the underbidder for the controversial Project Eagle loans in Northern Ireland - it now has a small problem on its own doorstep.

The company’s founder, Bill Gross is suing his former colleagues for wrongful dismissal two years ago, in a claim valued at more than $200m.

Mr Gross, known in his day as the bond king, said his former fellow directors plotted to drive him out of the company, in order to take his percentage of ownership profits.

They were, "driven by a lust for power, greed, and a desire to improve their own financial position and reputation at the expense of investors and decency" - the suit says.

He promises to give any proceeds from his legal battle to charity.

A statement from Pimco says that its "legal team will be responding in court in due course."

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