Dispute centred on £10.6m policy covering cancellation of Jackson’s ‘This Is It’ shows
Lloyd’s has settled out of court with late pop singer Michael Jackson’s estate, ending a long-running dispute over a £10.6m insurance policy.
The terms of the settlement were not disclosed, Reuters reported.
The policy, underwritten by Lloyd’s underwriters, covered the cancellation or postponement of Jackson’s ‘This Is It’ London shows in case of death, accident or illness.
Jackson died in 2009 from an overdose of surgical anaesthetic propofol while preparing for the shows.
Lloyd’s argued that the policy was void because underwriters were not told that Jackson was taking powerful drugs.
The settlement ends a three-year dispute. The case was due to go to trial next month.
Reuters quoted Jackson estate attorney Howard Weitzman as saying: “The estate and Lloyd’s of London are glad this matter got resolved.”