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Michael Jackson

Lloyd's of London Pays Big Bucks

In Death Claim

1/15/2014 1:04 PM PST BY TMZ STAFF
EXCLUSIVE

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Lloyd's of London has dropped its claim that it doesn't have to honor a huge insurance policy on grounds it was never told Michael Jackson was a drug addict ... and we've learned Lloyd's has now agreed to a payout.

Lloyd's filed a lawsuit claiming it did NOT have to honor the policy it issued to cover losses from the failed "This Is It" tour.  Lloyd's felt it had been deceived because no one ever disclosed Michael had serious drug problems.

The case just settled and we know ... Lloyd's has paid something to settle.  We're told it's not the full $17.5 mil under the policy.  We do not know the amount ... just that it forked over money.

The reason a payout is so important  -- Lloyd's essentially folded on its fraud claim.

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79 COMMENTS

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16.

Smokahontas    

I just find it funny how even when it came to the light that he didnt even do anything to the children that it was just the parents of the kids trying to get a pay off that you morons are still attacking somebody who is freaking dead! Woody Allen was a creep not MJ but NOBODY talks about him because hes a white man. And MJ had vitiligo he bleached himself so he wouldnt have white patches everywhere you stupid pieces of crap.

217 days ago
17.

buggaz    

Drug addict child rapist's death worth maybe $2.99 in the junk bin where he belongs.

217 days ago
18.

Smokahontas    

I just find it funny how even when it came to the light that he didnt even do anything to the children that it was just the parents of the kids trying to get a pay off that you morons are still attacking somebody who is freaking dead! Woody Allen was a creep not MJ but NOBODY talks about him because hes a white man. And MJ had vitiligo he bleached himself so he wouldnt have white patches everywhere you stupid pieces of crap.

217 days ago
19.

buggaz    

Drug addict child rapist's death worth maybe $2.99 in the junk bin where he belongs.

217 days ago
20.

buggaz    

Drug addict child rapist's death worth maybe $2.99 in the junk bin where he belongs.

217 days ago
21.

kt    

It was certainly in their best interest to fold. The company insurers many performers who have known (or at least highly suspected) drug addictions. To fold would have meant that those performers (and handlers) would take their business elsewhere, in case payout on a policy was ever needed.

217 days ago
22.

Smokahontas    

I just find it funny how even when it came to the light that he didnt even do anything to the children that it was just the parents of the kids trying to get a pay off that you morons are still attacking somebody who is freaking dead! Woody Allen was a creep not MJ but NOBODY talks about him because hes a white man. And MJ had vitiligo he bleached himself so he wouldnt have white patches everywhere you stupid pieces of crap.

217 days ago
23.

kt    

It was certainly in their best interest to fold. The company insurers many performers who have known (or at least highly suspected) drug addictions. To fold would have meant that those performers (and handlers) would take their business elsewhere, in case payout on a policy was ever needed.

217 days ago
24.

be real    

kim eve slept wiht a jackson--- YOUKNOW SHE GET AROUND!!!

TJ Jackson 1994- 1998
-Damon Thomas 2000- 2004
-Ray J March 2006 - February 2007
-Reggie Bush May 2007 - March 2010
-Bow Wow
-Nick Cannon
-Cristiano Ronaldo April 2010
-Shengo Deane April 2010
-Miles Austin June 2010
-Gabriel Aubry (only man smart enough to use Kim asz) November 2010
-Kris Humphries November 2010 - April 2013
-Kanye West March 2012

217 days ago
25.

mj fan forever    

Lloyd's of London does know that Michael Jackson was NOT a drug addict as there is the Coroner's autopsy report confirming that, aside from the fact that he passed the checkup with flying colors, so there was nothing to disclose!!! There is only the fact that they tried to avoid to pay out in any way. Again the Estate of Michael Jackson did a commendable job to defend his name and legacy. Lloyd's of London should just be ashamed, another money-grabbing willing to say anything for money!!!

217 days ago
26.

MiMi    

What A Disgusting Little Freak.

217 days ago
27.

Crabby    

who cares one less child molester to worry about

217 days ago
28.

ó|ó    

and the money goes to... michael jacksons 3 children
and the bank accounts are empty, on their 18th birthdays, because the rest of the jacksons used all the kid's money.. nice huh?

217 days ago
29.

demoncat    

that and the fact that if they had not payed out they would have proably had wound up with a trial and a judge or jury ordering them to pay out any way. thus better to just cough up some dough and be done with the thing.

217 days ago
30.

Pillsbury Pancakes    

Wow- this just in, Michael Jackson met the love of his life on littleboylover dotcom! He went from making $63 on the home computer to sleepovers and propofol infused lemonade in no time flat. Best of all his kiddie friends parents all sign waivers!

217 days ago
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