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Michael Jackson settles $48 Million Suit

Michael Jackson has reached a settlement over a breach of contract claim by finance firm Prescient Capital, a one-man operation owned by Darien Dash, cousin of entrepreneur Damon Dash.

Prescient sued Jackson and his MJ Publishing Trust for $48 million alleging breach of contract after providing financial advice to Jackson.

Dash was asked by Randy Jackson in late 2004 to find someone who would put up the financing to buy out $270 million worth of loans held by Bank of America in return for a 9 percent finders fee.

Dash claimed that he helped Jackson secure a commitment for $537.5 million in financing to pay off his debts.

Jackson had claimed he never heard of Dash and did not remember signing an agreement. The lawsuit was settled before jury selection was set to begin in U.S. District Court in Manhattan. The terms of the settlement were not disclosed.



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