Superstar MICHAEL JACKSON has settled a breach-of-contract lawsuit with financial firm Prescient Acquisitions Group over the brokerage fees for the singer’s multi-million dollar loans.
The New Jersey-based firm, owned by rap mogul Damon Dash’s cousin Darien Dash, accused the Thriller star of owing them $48 million (£24 million) in fees after they allegedly brokered a deal to save the singer from defaulting on $270 million (£135 million) worth of loans, meaning he could continue to hold on to the publishing rights for over 200 Beatles songs.
Prescient claimed they had arranged Jackson’s financing to pay off over $270 million in debt. Jackson originally received his loans from the Bank Of America, which then sold them on to the hedge fund Fortress Investment Group.
However, Prescient’s lawsuit against Jackson was settled on Monday (18Jun07), shortly before jury selection for the trial was expected to begin.
Darien Dash’s lawyer Steven Altman says, "We’re very pleased with the settlement, although the terms of it we’ve agreed to keep confidential at Mr Jackson’s request." Jackson’s lawyer, L. Londell McMillan, adds, "The most important thing is that Michael Jackson’s publishing catalog remains safe and sound."
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