Lloyd's of London Settles With Michael Jackson Estate
January 16, 2014 at 3:58 AM (PT)
LLOYD'S OF LONDON, the insurers of MICHAEL JACKSON's ill-fated "This Is It" LONDON comeback concerts, has reached a settlement with the singer's estate after it tried to nullify a $17.5 million insurance policy, the CHICAGO TRIBUNE reports. The settlement ends three years of litigation between the underwriter and JACKSON's estate over the insurance policy; the terms of the settlement, where LLOYD's compensates the estate over JACKSON's demise, was not disclosed.
"The estate and LLOYD'S OF LONDON are glad this matter got resolved," JACKSON estate attorney HOWARD WEITZMAN said in a statement.
The insurer had previously asked LOS ANGELES SUPERIOR COURT Judge MALCOLM MACKEY to nullify the policy to cover losses from the failed "This Is It" tour because it was deceived because no one told them that JACKSON had serious drug problems and that "the singer was taking propofol, which is usually restricted to use in hospitals."