Pimco, Gross settle row over his ouster; proceeds from suit to go to charity

Newport Beach (United States)

A BITTER legal war between bond investor William Gross and Pimco, the company he built into one of the biggest asset managers in the world, is over.

A lawyer representing Mr Gross filed a request on Monday in California state court to dismiss the investor's lawsuit over his 2014 ouster.

The terms of the settlement were not disclosed, although both sides noted in a joint statement that "any proceeds from the suit will be donated to charity".

People briefed on the matter said that Pimco would pay more than US$80 million to the William and Sue Gross Family Foundation. Mr Gross, who helped found the firm in 1971, will add from his own fortunes to make the contribution total more than US$100 millio…