Katherine Jackson’s lawyers reportedly lost out on over $484 million by losing her case against AEG Live.
A 12-person jury cleared the concert promoting giant of negligence in Michael Jackson’s death on Wednesday, following a five-month trial that saw 58 witnesses take the stand.
According to Radar Online, Jackson attorneys Brian Panish and Kevin Boyle were to take 33 per cent of any damages awarded in the case.
The matriarch was seeking a reported $1.6 billion from the firm, equating to more than $484 million for her lawyers.
“Panish and Boyle had taken on the case on a contingency, meaning, they wouldn’t charge her, but would have taken a third of any award the jury had given Michael’s mother,” a source told the website.
“For the jury to not award one penny to Katherine means her lawyers walk away with nothing. Plus, Katherine does not have to pay her lawyers anything. It was a huge gamble for Katherine’s lawyers and unfortunately for them, they lost.”
Katherine filed suit against AEG in 2010 on behalf of herself and her son’s three children.
She accused executives at the firm of acting negligently by hiring Dr. Conrad Murray to provide care for the singer during his ill-fated This Is It concert series in London.
Murray is currently serving a four-year sentence at the Los Angeles County men’s jail for involuntary manslaughter after a court found he administered the powerful anesthetic propofol to Michael as a sleep aid, leading to his 2009 death. The doctor is in the process of an appeal and is scheduled for early release later this month.
After 80 days of trial, the jury in the wrongful death case found that Michael’s propofol overdose was not a matter of corporate responsibility.
Kevin Boyle told reporters outside the Los Angeles courtroom Wednesday his team is looking into its legal options.
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