Michael Jackson’s estate could be liable for paying more than $500,000 in legal fees if a Los Angeles County Superior Court judge rules in favor of concert promoter AEG. The promoting giant was sued by Jackson’s mother for wrongful death stemming from his demise from a fatal dose of propofol by former cardiologist Conrad Murray in preparation for a stint of concerts in London, dubbed the “This Is It” tour.
Attorneys for AEG initially sought $1.2 million for fees in defending the suit; claiming that it should have never been brought. The trial lasted five months and ended up in a ruling in favor of AEG. In a tentative ruling issued this week, the court found that Jackson’s mother is liable for $800,000 in legal fees. Jackson’s lawyers have vowed to appeal the ruling after it becomes final.
The ruling is significant because it would ostensibly be paid through Jackson’s estate. It is estimated that the estate has earned hundreds of millions of dollars since the King of Pop’s death in 2009. It is also reported that his debts have been paid off. With a new album release this week, Xscape, it is estimated that the estate will continue to earn money.
However, the well-publicized battle with the Internal Revenue Service is still being litigated. The IRS seeks hundreds of millions in unpaid estate taxes based on inaccurate assessments of the value of Jackson’s estate. If Jackson’s lawyers prevail in tax court, little if any, taxes. However, if the IRS wins, there could be some financial turmoil with the estate.
Source: Nbclosangeles.com “Judge: Michael Jackson’s mom should pay costs,” Anthony McCartney, April 14, 2014