LOS ANGELES (TheWrap.com) -It’s almost three years since the king of pop icon has been dead and buried, but tell me, his legacy still resides in the court system.
The estate of the late pop singer has filed a lawsuit against Jackson’s former personal manager, in person of Tohme R. Tohme, for breach of fiduciary duty.
The suit entails an accusation against Tohme, who managed Jackson beginning from 2008 until shortly before Jackson’s death in 2009, for bad business judgment in which he rewarded himself substantially in the process.
“After being hired by Michael Jackson …espondent Tohme took control of virtually all of Jackson’s personal and professional affairs, then did as he pleased,” the suit reads. “With no oversight or supervision, Tohme quickly set about to and did install a far-reaching and very lucrative financial package for himself obtained as a result of a manifest breach of his fiduciary duties.”
In accordance to what the suit said, Tohme bagged a monthly advance fee of $35,000 for himself, plus the 15 percent deduction he received from Jackson’s gross earnings.
Also in suit is a report of Tohme’s failure to adequately disclose his business relations to Colony Capital, which oversaw Jackson’s Neverland Ranch during the period of the pop singer’s financial set back in 2008. The Jackson estate says that after Tohme connected Michael Jackson with Colony, Tohme received a 10 percent finder’s fee on the refinanced loan, which was said to be worth $24 million, along with the promise of a 10 percent take on any future sale of the home for himself.
Read more from Yahoo!
Image via Flickr