Promoter Drops $17M Lloyd's Claim Over Michael Jackson

Law360, New York (September 10, 2012, 11:06 PM EDT) -- Concert promoter AEG Live LLC has dropped its legal battle with Lloyd's of London over a $17.5 million policy on Michael Jackson after admitting it didn't suffer a covered loss when the singer's London concerts were canceled because of his death, the insurer's attorney said Monday.

The underwriters sued AEG and The Michael Jackson Co. LLC for rescission of the policy in June 2011, claiming they had failed to disclose Jackson's drug addiction when applying for the coverage. In exchange for AEG withdrawing its claim for...
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