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Michael Jackson sued for $48 million in New York

Posted on: Tuesday, 12 July 2005, 12:46 CDT

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.

Source: REUTERS

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