Michael Jackson has settled a lawsuit brought by Prescient Acquisition, of Hackensack, that claimed that Jackson owed them $48M.
The lawsuit was settled yesterday, just as jury selection was to begin in U.S. District Court in Manhattan. The terms of the settlement have not been released.
Steven Altman, a lawyer for Prescient owner Darien Dash, said that Dash was owed the money for helping Jackson refinance a $272M bank loan and secure $573M in financing to buy Sony's half of the Beatles' song catalog that Sony co-owned with Jackson.
Altman is quoted as saying:
"We're very pleased with the settlement, although the terms of it we've agreed to keep confidential at Mr. Jackson's request."
Jackson had claimed that he had never heard of Dash.
Jackson's lawyer, L. Londell McMillan, said that the settlement:
"presents a win-win for everybody."