LOS ANGELES _ Investment manager Bill Gross has reached a settlement with Pacific Investment Management Co., the Newport Beach, Calif., investment giant he founded and led for decades, then sued in 2015 after an acrimonious split.
In a joint press 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.
The release noted that "any proceeds from the suit will be donated to charity," something Gross had promised to do since filing the suit.
"Pimco has always been family to me, and, like any family, sometimes there are disagreements. I'm glad that we have had the opportunity to work through those," Gross said in Monday's statement.
It's a sharp turnaround from the bitter tone of Gross' lawsuit, in which he accused a handful of other Pimco executives of pushing him out because of their "lust for power, greed, and a desire to improve their own financial position," according to the suit, filed in Orange County Superior Court.
