Michael Jackson is being sued by a financial company which claims that it is owed $48 million for saving the singer's stake in his rights to the Beatles songs.
Prescient Acquisition Group, also known as Prescient Capital Corp filed the lawsuit yesterday in U.S. District Court in Manhattan, claiming a larger stake in a library of Beatles songs. (Reuters)

Michael Jackson hired the company Prescient in November 2004 to help with refinancing $537.5 million through another company. Prescient secured enough money for the pop legend to wipe the debt but said they were entitled to a $24.8 million fee.

"We're going to take a look at the lawsuit and we're going to handle it in a good and professional manner and make sure appropriate contacts are made with everyone concerned," said Brian Oxman, a lawyer for Jackson.

The financiers explained that 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."

Michael Jackson, who has recently been acquitted of child molestation charges, owns the rights to most of the Beatles' songs.

All the songs performed by Paul McCartney at the Live 8 concert earlier this month, "Sgt Pepper's Lonely Hearts Club Band", "Get Back", "Drive My Car", "Helter Skelter", "The Long And Winding Road" and "Hey Jude" belong to Jackson now and the experts assess the profit made by Michael after the concert is huge.

At this moment, Live 8 organizers and not only, are urging pop singer Michael Jackson to donate profits from the Beatles songs performed at Live 8.