Jackson settles with finance company

Michael Jackson has reached an out of court settlement with a finance company which was suing him for $48 million (£26 million).

Lawyers for the star accepted to pay an undisclosed sum to firm Prescient Acquisition, which had claimed it was owed the money.

Jackson's lawyer said the deal, reached just ahead of a court date, was "win-win for everybody".

The finance company had alleged it previously helped the singer locate investors to help him pay off a debt of $272.5million (£145 million) and arrange financing to secure his rights to Beatles' songs.

Steven Altman, for the company, said: "We're very pleased with the settlement."

L Londell McMillan, Jackson's lawyer, commented: "The most important thing is that Michael Jackson's publishing catalogue remains safe and sound."