Michael Jackson has settled the breach of contract suit that was brought by Prescient Acquisition Group.(See previous post.)

Prescient claimed that Michael owed the firm $48 million for its role in securing the financing that he needed to pay off the debt that was secured by his portion of the Beatles song catalogue.

The terms of the agreement between Prescient and MJ Publishing Trust were not disclosed and the case will not go to trial.

A spokesperson for Michael told reporters that the settlement means that the archive of music publishing rights would remain safe and sound.

Source: Reuters