Pacific Investment Management Co. LLC has settled a lawsuit by co-founder Bill Gross, the two parties said in a joint press release.

Though the statement did not disclose the size of the settlement, PIMCO agreed to pay Gross about $81 million, CNBC reported, citing "sources."

PIMCO will launch a "Bill Gross Award" and name him director emeritus of the PIMCO Foundation, which he created, the press release said.

Proceeds from the settlement will go to the Sue and Bill Gross Foundation charity, CNBC reported.

The PIMCO co-founder was fired from the company in 2014 and sued the company in 2015, calling his dismissal a breach of contract. He claimed to have suffered damages of around $200 million at the time.