Michael Jackson Settles Lawsuit

Michael Jackson settled out of court a $48 million lawsuit against him yesterday. The case was brought against him by a New Jersey company that claimed to have helped Jackson's troubled financial situation, reaching a settlement just before jury selection was supposed to begin.

Although terms of the settlement were not disclosed, Fox News reported that Jackson agreed to make a $5 million payment by the end of this year.

The breach-of-contract suit was filed in 2005 by Darien Dash and his company, Prescient Acquisition Group. According to the plaintiff, Jackson hired the company in November 2004 to refinance a $273 million bank loan and to secure an additional $537 million loan to pay off outstanding debts and to buy off the remaining stake in the Beatles catalog. Jackson was supposed to pay a finder's fee of 9%, equaling $48 million.

Up until Monday, Jackson claimed to have never heard of Dash, the cousin of rap mogul Damon Dash, and said he didn't remember singing any contract with his company.