A finance company sued Michael Jackson yesterday claiming that it is owed $48 million for saving the singer's stake in his rights to the Beatles songs.

Prescient Acquisition Group Inc. told the Manhattan District Court that Jackson had asked them to provide financial advice and look after the refinancing of his $272 million debt to the Bank of America.

Prescient secured enough money for the pop legend to wipe the debt but said they were entitled to a $24.8 million fee.

According to the AP, the company accused Jackson of breach of contract while it had done what was expected of it. The financiers explained how Jackson and his company were not entitled to "retain the benefits of those services in equity and good conscience without paying to Prescient an amount to be determined at trial."