The conflict between Gross and Pimco had negative effects on the firm, which was managing nearly $2 trillion at the time. Today, it has shrunk to $1.5 trillion and has lost its place as the world’s largest bond firm. It is reportedly taking steps to preserve the legacy and contributions of its founders, including naming Gross a “director emeritus,” establishing an award in his name, and dedicating a “Founders Room” in its headquarters. In a joint statement, Gross said, “Pimco has always been family to me, and like any family, sometimes there are disagreements.” Gross will reportedly be receiving $81 million to settle the wrongful termination case. The proceeds will be donated to charity in keeping with a promise made when Gross filed the initial lawsuit. He plans to match part of the settlement and raise the total size of the donation to $100 million.
