Settlement Reached in Lloyd's of London Insurance Case

Today, lawyers for Lloyd's of London and the Michael Jackson Foundation announced that an agreement has been reached in the This Is It tour case.

The tour had been insured by Lloyd's of London for its London dates, but was left unfinished following the untimely death of the King of Pop. Subsequently, Lloyd's of London refused to pay the $17.5 million in cancelled concert damages, and the Michael Jackson Foundation filed a lawsuit against the insurer.

Today, representatives from Lloyd's and the Michael Jackson Foundation announced that they had reached a mutual out-of-court agreement before proceedings began. The lawyers for both parties disclosed no details about the settlement, and Howard Weitzman, the Foundation's attorney, only said: "The Foundation and Lloyd's of London are pleased to have resolved this matter."

The case had been scheduled for court proceedings in the coming month.

Source: eMJey.com / Reuters