According to Billboard, lawyers for MJ confirmed reports that the singer settled a case filed against him by the Hackensack, N.J. finance company Prescient Acquisition as jury selection was scheduled to begin in Manhattan's US District Court on Monday (June 18).
In his suit against the 48-year-old pop singer, Prescient owner Darien Dash — cousin to former CEO of Roc-A-Fella Records Damon Dash and brother to actress Stacey Dash — claimed Jackson cheated the company out of $48 million. His lawyer, Steven Altman said Dash was owed the money after helping Jackson refinance a $272 million bank loan and secure $573 million in financing to buy Sony's half of the Beatles' song catalog that Sony co-owned with Jackson.
"We're very pleased with the settlement, although the terms of it we've agreed to keep confidential at Mr. Jackson's request.
Jackson settled the case despite claims that he'd never heard of Dash.
"The most important thing is that Michael Jackson's publishing catalog remains safe and sound," Jackson's lawyer, L. Londell McMillan said. He added, the settlement "presents a win-win for everybody."