(Reuters) - Bond manager Bill Gross will be able to pursue his lawsuit to recoup at least $200 million he claims that Pacific Investment Management Co owes him in the wake of his 2014 ouster from the firm he co-founded.
California Superior Court Judge Martha Gooding ruled late Sunday that Gross' breach-of-contract lawsuit was strong enough to proceed.The Santa Ana-based judge said 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."Gooding's ruling had been tentative, and a scheduled hearing on the matter was canceled as a result. The judge did not rule on the lawsuit's merits.David Boies, a lawyer for Pimco, said: "Pimco is confident that it will prevail when the parties present their evidence to the court."Gross abruptly left Pimco in September 2014 following negative reports about his management style and weak returns at Pimco Total Return