A financial firm is suing Michael Jackson for nearly $25 million for failing to pay for his financial restructuring and acquisition of Beatles' music.
The suit filed Monday by Prescient Acquisition Group Inc. charges the pop star with breach of contract and claims he owes $48 million for its help in his purchase of the rights to the Beatles' catalog as well as the refinancing of his $272 million debt to Bank of America, "Entertainment Tonight" reported Tuesday.
Jackson already owned half the Beatles catalog when he moved to acquire the rest last fall. Among his valuable holdings are copyrights for "Come Together,""A Hard Day's Night,""Let It Be,""Michelle,""Yesterday,""We Can Work It Out," and "She Loves You."
The suit filed in Manhattan's U.S. District Court asks that Jackson be ordered to pay an immediate $24.8 million to Prescient, which includes 9 percent of the financing Jackson used to pay his Bank of America debt along with a $3.3 million advance.
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