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Last Updated: Tuesday, 19 June 2007, 15:53 GMT 16:53 UK
Jackson settles case out of court
Michael Jackson
Mr Jackson was acquitted of child abuse charges in California in 2005
Michael Jackson's lawyers have settled out of court for an undisclosed sum after a finance company sued the pop star, saying it was owed $48m (26m).

The settlement was reached just ahead of the civil trial. Mr Jackson's lawyer said it was a "win-win for everybody".

Prescient Acquisition alleged it helped Mr Jackson find investors to help pay off a $272.5m (145m) debt.

It also said it arranged $537.5m (287m) in financing to secure the Beatles' back catalogue.

"We're very pleased with the settlement," said Steven Altman, a lawyer for Prescient owner Darien Dash.

Mr Jackson, 48, said he had never heard of Mr Dash.

'Safe and sound'

"The most important thing is that Michael Jackson's publishing catalogue remains safe and sound," said Mr Jackson's lawyer, L Londell McMillan.

Mr Jackson is trying to rebuild his music career after being acquitted of child abuse charges in California in 2005.

Memorabilia from the Jackson family pop dynasty recently sold for more than $1.5m (750,000) during a two-day auction in Las Vegas.

Among the items snapped up was a black military-style coat belonging to Michael Jackson, which sold for $24,000 (12,131).

Some of the proceeds went to charity.




SEE ALSO
Jackson sues former accountants
23 Dec 06 |  Entertainment
Jackson sale nears the $2m mark
02 Jun 07 |  Entertainment
Jackson puts off Tokyo appearance
17 Dec 06 |  Entertainment
Jackson 'blames legal conspiracy'
08 Aug 06 |  Entertainment
Jackson splits with his lawyers
02 Aug 06 |  Entertainment

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