Lloyd’s of London has cancelled its claim that it doesn’t need to keep to a big insurance policy on grounds they were not informed Michael Jackson was a drug addict… and we’ve found out Lloyd’s has now settled to a payout.
Lloyd’s filed a lawsuit claiming it would not have to honor the insurance policy it provided to cover losses from the unsuccessful “This Is It” tour. Lloyd’s felt it was bamboozled because no one ever disclosed Michael had serious drug problems.
The case has just settled and we understood… Lloyd’s has offered to pay something to settle. We’re told it’s not the complete $17.5 mil under the insurance plan. We are unsure of the total amount… just the fact that it forked over cash.
The reason why a payment is so important — Lloyd’s basically folded on their fraudulence claim.