Global bond guru Bill Gross sued Pimco on Thursday, accusing a "cabal" at the bond firm he co-founded of forcing him out to grab a bigger slice of its profits. Gross, in a California lawsuit that also targets Pimco's German parent Allianz, is seeking a jury trial over his complaint that he was dismissed unfairly in 2014 and cheated of hundreds of millions of dollars in compensation. "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, a cabal of Pacific Investment Management Company LLC managing directors plotted to drive founder Bill Gross out of Pimco," said the complaint.
By Jason Lange and Howard Schneider WASHINGTON (Reuters) - The U.S. Federal Reserve thought the economy was close to warranting an interest rate hike in September but policymakers wanted firmer evidence a global economic slowdown was not knocking America off course. The minutes from the Sept. 16-17 meeting released on Thursday pointed to a deeply cautious Fed even before subsequent economic data showed a sharp slowdown in hiring by U.S. employers. "Most" policymakers, according to the minutes, thought the Fed's first rate hike in a decade should still come this year and that financial market turmoil had not "materially altered" the outlook for the U.S. economy.