Pacific Investment Management Co. is close to settling for $80 million a lawsuit brought by founder and former Chief Executive Officer Bill Gross, according to The Wall Street Journal. Gross abruptly left Pimco in September 2014 for Janus Capital Group Inc., where he now manages a global unconstrained bond fund. Gross filed the lawsuit a year after his departure amid media reports portraying him as erratic, domineering and difficult to work with. Gross founded Pimco in the late 1970s and has been credited with building it into one of the world's most successful fixed-income investors. But an exodus of investor capital that followed his exit has since tarnished that reputation. In November, the Pimco Total Return Fund's two-decade long reign as the largest actively managed U.S. bond fund by assets ended.
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