collected by :Molly Tony
Pacific Investment Management Co. settled its breach-of-contract suit filed by former star manager Bill Gross for $81 million, people familiar with the matter said, ending a feud that shook the investing world.
In 2015, he sued the manager for at least $200 million in damages, alleging he was forced out.
Gross abruptly left Pimco in September 2014 after disagreements with the firm’s other executives.
Bill Gross cierra demanda contra Pimco y recibirá indemnización millonaria
referring to The firm’s flagship total return fund underperformed most peers that year and the next, data from Morningstar show.
Clients began to pull money from the Pimco Total Return fund in 2013, while Mr.
This year, it surpassed Pimco Total Return as the company’s biggest fund.
Pimco executives’ “improper, dishonest, and unethical behavior must now be exposed.”Advertisement Continue reading the main storyPimco had called the suit “legally groundless” and asked for its dismissal.
Gross said: “Pimco has always been family to me, and, like any family, sometimes there are disagreements.