The lawsuit, filed in Los Angeles Superior Court, claims that the estate’s executors breached their fiduciary duties by selling Jackson’s share of Sony/ATV Music Publishing to Sony Corp. for $750 million in 2016. The lawsuit also claims that the executors failed to disclose the terms of the deal to the beneficiaries of the estate, including Jackson’s mother, Katherine Jackson, and his three children, Michael Joseph Jackson Jr., Paris-Michael Katherine Jackson and Prince Michael Jackson II.

Background

The lawsuit stems from a deal made in 1995, when Jackson sold a 50 percent stake in Sony/ATV Music Publishing to Sony Corp. for $110 million. At the time, Sony/ATV was valued at $1.5 billion. In 2016, the estate sold Jackson’s remaining 50 percent stake in Sony/ATV to Sony Corp. for $750 million, bringing the total value of the company to $2.2 billion.

Allegations

The lawsuit alleges that the executors of the estate, John Branca and John McClain, breached their fiduciary duties by failing to disclose the terms of the deal to the beneficiaries. The lawsuit also claims that the executors failed to negotiate the best possible price for the sale, and that they had a conflict of interest because they stood to benefit personally from the deal.

Seeking Damages

The lawsuit is seeking damages for the beneficiaries of the estate, including Jackson’s mother and children. The lawsuit also seeks to have the sale of Sony/ATV Music Publishing rescinded, and for the executors to be removed from their positions.

Response from Estate

A spokesperson for the Michael Jackson Estate released a statement denying the allegations in the lawsuit. ‘The lawsuit is without merit and based on nothing more than speculation and guesswork,’ the statement said. ‘The Estate is committed to protecting Michael Jackson’s legacy and will not be deterred by baseless claims brought by people who want a piece of it for themselves.’

Conclusion

The lawsuit against the Michael Jackson Estate over the sale of Sony/ATV Music Publishing is a complex and highly publicized case. The allegations made in the lawsuit, if proven, could have significant implications for the estate and its beneficiaries. However, the estate has denied the allegations and vowed to protect Jackson’s legacy.

For more information on this topic, visit The Hollywood Reporter.