NEWPORT BEACH, Calif., March 27, 2017 (GLOBE NEWSWIRE) -- Bill Gross and Pacific Investment Management Company LLC announce that they have reached an amicable settlement of the lawsuit filed by Mr. Gross in October 2015.
In a statement regarding the settlement, Mr. Gross repeated that his lawsuit had never been about money. Although the settlement’s terms are confidential, Mr. Gross and PIMCO confirmed that any proceeds from the suit will be donated to charity, as Mr. Gross had promised since the beginning of the suit. “I’ve always been amazed by my success, and grateful for the opportunity to make a difference in the world. I’m glad that can continue today,” Mr. Gross noted.
Regarding the lawsuit itself, Mr. Gross said in a statement that “PIMCO has always been family to me, and, like any family, sometimes there are disagreements. I’m glad that we have had the opportunity to work through those, and see the PIMCO founders receiving the recognition they deserve. I am honored to be included in their ranks and to know that PIMCO is in capable hands.”
PIMCO recognizes the enormous contribution to its success made by Mr. Gross and its other founders and leaders, such as James Muzzy, William Podlich, Bill Thompson, Walter Gerken, and Chris Dialynas, the visionaries who created a global investment powerhouse, and an entire industry of fixed-income investments. Over the decades of their leadership and that of those following in their footsteps, PIMCO has helped its clients—including individual investors saving for retirement, pension plans, educational institutions, and charitable foundations and endowments—generate billions of dollars of investment returns. Additionally, through the leadership of the PIMCO Foundation, which was created and originally funded by Mr. Gross, PIMCO donates millions of dollars annually to ensure that communities throughout the world are empowered through education, health support, gender equity, and other programs vital for the connected 21st century.
PIMCO is also taking steps to ensure that the legacy and contributions of its founders, as both corporate and charitable citizens, are honored and preserved. To that end, PIMCO is dedicating a new “Founders Room” in their honor at PIMCO’s Newport Beach headquarters. Additionally, the PIMCO Foundation is naming Mr. Gross a “Director Emeritus” and establishing an annual “Bill Gross Award” in recognition of his career-long dedication to the charitable endeavors that are at the heart of the Foundation’s mission.
“Bill Gross has always been larger-than-life,” said Dan Ivascyn, PIMCO’s Group Chief Investment Officer. “He has a well-deserved stellar reputation as an investor and a philanthropist. Bill has had an enormous influence on PIMCO and the careers of many who have passed through its halls. He built this business from the ground up and we have great respect and admiration for his talents.”
The case was William H. Gross v. Pacific Investment Management Company LLC, et al., Orange County Superior Court Case No. 30-2015-00813636-CU-BC-CJC. Mr. Gross was represented by Patricia L. Glaser, G. Jill Basinger and Rory S. Miller of Glaser Weil Fink Howard Avchen & Shapiro. PIMCO and Allianz Asset Management of America were represented by David Boies, Christopher E. Duffy, Scott R. Wilson, and Qian A. Gao of Boies Schiller Flexner LLP.
About PIMCO
PIMCO is a leading global investment management firm, with offices in 11 countries throughout North America, Europe and Asia. Founded in 1971, PIMCO offers a wide range of innovative solutions to help millions of investors worldwide meet their needs. Our goal is to provide attractive returns while maintaining a strong culture of risk management and long-term discipline. PIMCO is owned by Allianz S.E., a leading global diversified financial services provider.
Except for the historical information and discussions contained herein, statements contained in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including the performance of financial markets, the investment performance of PIMCO’s sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. Readers should carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. PIMCO undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.