Michael Jackson’s legal team settled a lawsuit filed by a New Jersey financial company that claimed the singer owed them $48 million.
Jury selection for the case was about to get underway Monday when the settlement between Jackson and Prescient Acquisition of Hackensack, N.J was announced by the judge. Terms were not disclosed.
Steven Altman, a lawyer for Prescient owner Darien Dash (cousin of hip-hop mogul Damon Dash), said his client was owed the money for helping Jackson refinance a $272 million bank loan. The client also reported in the suit that he helped Jackson secure $573 million in financing to buy Sony Corp’s half of the Beatles’ song catalog that Sony co-owned with the King of Pop.
Jackson’s defense? He claimed he never heard of Dash and didn’t remember signing an agreement.