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'Bond King' Bill Gross settles Pimco feud for $81m | 'Bond King' Bill Gross settles Pimco feud for $81m |
(about 1 hour later) | |
Star trader Bill Gross has ended a "family disagreement" with his former firm Pimco, in a settlement worth an estimated $81m (£65m). | Star trader Bill Gross has ended a "family disagreement" with his former firm Pimco, in a settlement worth an estimated $81m (£65m). |
The billionaire, dubbed Wall Street's "Bond King", sued Pimco after his abrupt departure from the firm in 2014. | The billionaire, dubbed Wall Street's "Bond King", sued Pimco after his abrupt departure from the firm in 2014. |
Pimco, the world's largest bond fund, has agreed to pay Mr Gross in what both sides called an "amicable" settlement. | |
"Pimco has always been family to me, and, like any family, sometimes there are disagreements," Mr Gross said. | "Pimco has always been family to me, and, like any family, sometimes there are disagreements," Mr Gross said. |
"I'm glad that we have had the opportunity to work through those, and see the Pimco founders receiving the recognition they deserve," he said. | "I'm glad that we have had the opportunity to work through those, and see the Pimco founders receiving the recognition they deserve," he said. |
'Contribution' | 'Contribution' |
Mr Gross, a Pimco co-founder, had been suing the firm for at least $200m, which he claims he lost after being forced to leave. | Mr Gross, a Pimco co-founder, had been suing the firm for at least $200m, which he claims he lost after being forced to leave. |
He had claimed he was forced out so that his colleagues could get his share of the bonus. | He had claimed he was forced out so that his colleagues could get his share of the bonus. |
In the statement, Pimco said it recognised the "enormous contribution to its success" from Mr Gross and other co-founders. | In the statement, Pimco said it recognised the "enormous contribution to its success" from Mr Gross and other co-founders. |
Mr Gross, who moved to rival Janus Capital in 2014, also repeated that his lawsuit had never been about money. | Mr Gross, who moved to rival Janus Capital in 2014, also repeated that his lawsuit had never been about money. |
The terms of the settlement are confidential. However, both sides have said that any proceeds from the suit will be donated to charity. | The terms of the settlement are confidential. However, both sides have said that any proceeds from the suit will be donated to charity. |
Mr Gross earned the moniker "the Bond King" from making good bets on US Treasury bonds, particularly during the dot com bubble and the housing crisis. | Mr Gross earned the moniker "the Bond King" from making good bets on US Treasury bonds, particularly during the dot com bubble and the housing crisis. |
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