Allianz says Bill Gross's $200 million lawsuit has no merit

FRANKFURT (Reuters) - German insurer Allianz on Thursday said a $200 million lawsuit launched by former employee and renowned bond investor Bill Gross over his ouster from Allianz's asset management unit Pacific Investment Management Co (Pimco) had no merit.

"We will not comment on the allegations contained in the complaint other than that the lawsuit has no merit," an Allianz spokeswoman said.

In a complaint filed on Thursday in the California Superior Court in Orange County, Gross said Pimco managing directors were "driven by a lust for power, greed, and a desire to improve their own financial position and reputation" in their ultimately successful plot to oust him. His departure was announced on Sept. 26, 2014.

(Reporting by Jonathan Gould; editing by David Clarke)

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