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...