PIMCO agrees to pay Gross $81m settlement after two-year battle - reports

Gross initially claimed PIMCO owed $200m

Jayna Rana
clock • 2 min read

Asset manager PIMCO has agreed to pay former employee Bill Gross a settlement of $81m after he filed a lawsuit claiming the firm owed him $200m in bonuses and back pay.

The dispute, which has been ongoing since Gross (pictured) left the company in September 2014, has ended in mutual praise as the parties decided to settle outside of court. According to reports, the former colleagues asked a California court to dismiss what was becoming an "embarrassing lawsuit". Dan Ivascyn, who took over as PIMCO's CIO after Gross' departure said in a statement his former boss had "always been larger-than-life" and had a "well-deserved stellar reputation as an investor and a philanthropist". He added: "Bill has had an enormous influence on PIMCO and the careers o...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Bonds

Join us today to discuss why 2024 is an attractive entry point for fixed income

Join us today to discuss why 2024 is an attractive entry point for fixed income

Sarka Halas
clock 25 March 2024 • 1 min read
Partner Insight: Moving from cash to corporate bonds ahead of cutting-cycles

Partner Insight: Moving from cash to corporate bonds ahead of cutting-cycles

Fidelity International

Ben Deane, Investment Director, Fixed Income - Fidelity International
clock 19 March 2024 • 13 min read
JP Morgan AM to wind up Sterling Bond fund as assets dwindle

JP Morgan AM to wind up Sterling Bond fund as assets dwindle

Fund size of £29m

clock 18 March 2024 • 1 min read
Trustpilot