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...
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