The recently acquitted pop star Michael Jackson is in trouble after being sued by finance company Prescient Acquisition Group for having failed to pay them $48 million.

According to the Internet Movie database, he was supposed to recover his stake in publishing rights for The Beatles' back catalogue.

Jackson had approached the Prescient Acquisition Group in November 2004 to secure financing of a whopping $272 million debt to the Bank Of America.

The company secured $537 million for Jackson to clear his debt and also to buy the half of The Beatles legacy which he didn't already own.

The company claimed it was entitled to a payment of $24.8 million. The Prescient Acquisition Group accused Jackson of breach of contract and insisted he had no "right to retain the benefits of those services in equity and good conscience, without paying to Prescient an amount to be determined at trial."