Michael Jackson Settles $48M Lawsuit

U.S. pop star Michael Jackson flashes a V-sign to Japanese media on his arrival at Narita international airport, near Tokyo, March 4, 2007.
AP Photo/Itsuo Inouye
Lawyers for Michael Jackson settled a lawsuit Monday brought by a New Jersey financial company that was seeking $48 million.

The lawsuit by Prescient Acquisition of Hackensack, N.J., was settled just as jury selection was set to begin in U.S. District Court in Manhattan.

Terms of the settlement weren't released.

Steven Altman, a lawyer for Darien Dash, who owns Prescient, said Dash was owed the money for helping Jackson refinance a $272 million bank loan and secure $573 million in financing to buy Sony Corp.'s half of the Beatles' song catalog that Sony co-owned with the pop superstar.

Photos: Michael Jackson
Jackson, 48, had claimed he never heard of Dash and didn't remember signing an agreement.