NY lawsuit against Michael Jackson trust goes ahead

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A breach of contract claim from a financial firm against Michael Jackson is to be moved forward against one of Jackson's trusts. The judge ordered all parties to attend court in September. A lawyer for Jackson wasn't available for comment. U.S. District Judge Kevin Castel said Prescient Acquisition Group could go on with the $48 million lawsuit filed in July 2005 against Jackson's MJ Publishing Trust, while dismissing other claims. Fees for refinancing bank debts and claiming a larger stake in a library of Beatles songs are what Prescient is owed. MJ Publishing Trust was formed by Jackson to hold title to certain property rights, including libraries of songs written by Jackson and the Beatles, and sought to dismiss the case. "Plaintiff asserts sufficient facts to survive the motion to dismiss the plaintiff's breach of contract claim against defendant MJ Publishing Trust," the judge said. The lawsuit said that Prescient is claiming it helped gain refinancing a $272.5 million bank debt and as well $537. 5 million in financing to buy the other half of The Beatles library he did not own. Source: Reuters