Bill Gross Awarded $81 Million In PIMCO Lawsuit Settlement

Bill Gross and his former employer PIMCO announced that they have reached an amicable settlement of the breach-of-contract lawsuit filed by Mr. Gross in October 2015, under which Gross would reportedly be awarded $81 million.
In a statement regarding the settlement, Gross repeated that his lawsuit had never been about money. Although the settlement’s terms are confidential, Gross and PIMCO confirmed that any proceeds from the suit will be donated to charity, as Gross had promised since the beginning of the suit. ‘I’ve always been amazed by my success, and grateful for the opportunity to make a difference in the world. I’m glad that can continue today,’ Mr. Gross noted.
As the WSJ adds, Gross intends to donate the proceeds to charity through his Bill and Sue Gross Family Foundation. Gross alleged that Pimco ‘wrongly and illegally’ denied him hundreds of millions of dollars in earned compensation and damaged his reputation.
As a reminder, Gross abruptly left Pimco in September 2014 amid tensions with his colleagues, most notably Mohamed El-Erian, and in 2015 sued the manager for at least $200 million in damages, alleging he was forced out. Gross alleged that Pimco ‘wrongly and illegally’ denied him hundreds of millions of dollars in earned compensation and damaged his reputation. ‘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,’ the suit says, ‘a cabal’ of Pimco ‘managing directors plotted to drive founder Bill Gross out of Pimco.’

This post was published at Zero Hedge on Mar 27, 2017.