Pimco Says It Will Settle Lawsuits

Asset manager Pimco Advisors Holdings LP said Friday that it will settle lawsuits from its limited partnership owners who sued over Allianz AG’s plan to buy the Newport Beach firm, the world’s biggest bond fund manager, for $3.3 billion. The lawsuits allege that Pimco’s directors sold control of the company for too little money. The settlement reduces the termination fee to be paid should the purchase not be completed from $180 million to $120 million. The agreement also reduces the amount shareholders can lose and requires Pimco to turn over some disclosures and notices to its shareholders. Pimco set a shareholder meeting for April 28.