Michael Jackson sued for $48 million in New York

NEW YORK (Reuters) – A financial firm has sued Michael
Jackson for $48 million in fees it says the singer owes for
help in refinancing bank debts and claiming a larger stake in a
library of Beatles songs.

Prescient Acquisition Group, also know as Prescient Capital
Corp., filed the lawsuit against Jackson in U.S. District Court
in Manhattan late on Monday. Lawyers for Jackson were not
immediately available for comment.

The suit said Prescient was employed in November, 2004 by
Jackson’s MJ Publishing Trust to help him secure refinancing of
$537.5 million through another company.

At the time, Jackson was facing trial on child sex-abuse
charges. He was acquitted by a California jury in June.

The money allowed Jackson to pay off $272.5 million in bank
debt and buy the other half of The Beatles library of songs he
did not already own, the lawsuit said.

Prescient said Jackson and MJ Publishing Trust broke a deal
which promised the firm fees worth 9 percent of any completed
financing.