Bill Gross has settled his lawsuit against investment management firm Pimco, the company he co-founded, for just over $81 million, sources told CNBC on Monday.
Gross filed for a request for dismissal of the suit, and all of its proceeds will go to the Sue and Bill Gross foundation.
The fund manager sued his former employer back in 2015, claiming his dismissal from the company was a breach of contract and a breach of covenant of good faith and fair dealing. Gross said at the time that he suffered damages in excess of $200 million.
“I knew I didn’t have much to gain except for my self respect,” Gross said of the lawsuit after it was filed and on leaving Pimco. “I thought I was treated unfairly on the way out from Pimco … They fired me without really giving a reason for it. There was a small coup of individuals that threatened to resign if I didn’t.”
This is a breaking news article. Check back for updates to this post.