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Jackson Happy with Lawsuit Settlement |
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Written by Administrator
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Tuesday, 19 June 2007 |
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Michael Jackson 'grateful' lawsuit settled on verge of NYC trial
Larry Neumeister, Canadian Press | Tuesday, June 19, 2007
NEW YORK (AP) - Michael Jackson is grateful his lawyers settled a lawsuit brought by a finance company that claimed the "Beat It" singer cheated it out of US$48 million.
The lawsuit by Prescient Acquisition, of Hackensack, New Jersey, was settled Monday, just as jury selection was to begin in U.S. District Court in Manhattan.
Terms of the settlement were not released. Jackson lawyer L. Londell McMillan said he delivered news of the settlement to the King of Pop, who told him, "I'm very grateful that this is behind me."
"The most important thing is that Michael Jackson's publishing catalogue remains safe and sound," said McMillan, an entertainment law star whose clients have included Prince and Stevie Wonder.
A lawyer for Prescient owner Darien Dash said the businessman was owed the money for helping Jackson refinance a $272 million bank loan and secure $573 million in financing to buy Sony's half of the Beatles' song catalogue that Sony co-owned with Jackson.
Jackson had said he never heard of Dash.
After the settlement, Dash's lawyer, Steven Altman, said: "We brought the lawsuit to collect money for services Mr. Dash provided to Mr. Jackson. We're very pleased with the settlement, although the terms of it we've agreed to keep confidential at Mr. Jackson's request."
McMillan said Jackson was dismissed as a defendant earlier in the year but the trust to one of his publishing catalogues remained a defendant.
[b]He said a man who worked for Jackson when he was on trial in California signed an agreement, even though he did not have authority to do so from Jackson.
The lawyer said the settlement "presents a win-win for everybody."
Now, the lawyer said, with the litigation behind Jackson, "the world is awaiting his next creative move."[/b]
The lawsuit was one of a number of recent suits involving Jackson and former business associates.
Last year, a jury in California awarded a former Jackson adviser $900,000 for work he did on videos intended to rehabilitate the pop star's image. The jury awarded Jackson $200,000 in a cross-complaint.
In a deposition taken for the New York case in Paris last summer, Jackson said that the entertainment industry was "full of sharks, charlatans and impostors."
"Because there's a lot of money involved, there's a bunch of schmucks in there," Jackson said. "It's the entertainment world, full of thieves and crooks. That's not new. Everybody knows that."
Source: [url=http://www.canada.com/ottawacitizen/news/arts/story.html?id=2c69d992-1b2d-4000-9411-e69c35a0ed5f&k=14144]Canada.com[/url]
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