Business

Bond king Bill Gross agrees to settlement in lawsuit against Pimco, ending nasty dispute

Bond king Bill Gross agrees to settlement in lawsuit against Pimco, ending nasty dispute

Investment manager Bill Gross has reached a settlement with Pacific Investment Management Co., the Newport Beach investment giant he co-founded and led for decades, then sued in 2015 after an acrimonious split.

In a joint news release Monday, Gross and Pimco executives called the settlement amicable, but did not disclose terms. Gross had sought damages of more than $200 million.

However, sources familiar with the terms of the agreement said Pimco would pay $81 million, with all of that sum — plus another $19 million from Gross himself — going to the William and Sue Gross Family Foundation, which donates to an array of causes.

The release noted that “any proceeds from the...

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