Litigation » Pimco Fund Sued Over .5 Billion Bonus Payout

Pimco Fund Sued Over $1.5 Billion Bonus Payout

January 14, 2015

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The PIMCO total return fund under-performed for years, but top executives received “shocking payments” of more than $1.5 billion, according to the claims of a fund shareholder. The complaint specifically cites recently departed executives Bill Gross and Mohamed El-Erain, whom it says reportedly each received about a half-billion dollars. Courthouse News Service summarizes the case, which was brought in the Western District of Washington on the last day of 2014. The plaintiff claims breach of fiduciary duty and seeks to claw back excessive funds. “One must aggregate the compensation of the CEOs of 20 publicly held peer finance companies to come close to the amount of money Gross alone took home last year,” according to the complaint.

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