>> Bond king, Bill Gross is getting paid $81 million to settle a legal battle with PIMCO, the financial giant he co-founded. Reuters' correspondent, Jonathan Stimple.>> Bill Gross is one of the world's most successful and most famous bond fund investors. When he left PIMCO it was such a surprise to a lot of people because he had become synonymous with the company.
He had built it over more than four decades. And the fact that he left PIMCO so quickly and abruptly surprised a lot of people on Wall Street and in the bond fund world.>> Gross was ousted from the company in 2014 amid negative reports about his leadership and weak returns at the PIMCO Total Return Fund he managed.
Gross fired back with a lawsuit.>> Gross accused PIMCO of essentially forcing him out so that the top executives who were there could divvy up his bonus among themselves. That bonus was likely to be very high. In 2013, the bonus pool topped $1.3 billion. And Gross himself took home more than 300 million according to the lawsuit.
So it stood to reason that in 2014 the payday for Gross and for the others stood to be very high.>> The terms of the settlement have not been disclosed but media reports say it includes getting a founder's room named after him.>> Both sides can take away a lot from this settlement, because even though PIMCO is gonna be paying out a fair amount of money, it's not actually admitting that it did anything wrong.
And both sides recognize that the money is going to a good cause, it's going to charity.>> The billionaire has pledged to give all the proceeds to the William and Sue Gross Family Foundation, which supports philanthropic causes in health charity and education in the US and Africa.