If Katherine Jackson is the biggest loser in the failed wrongful death lawsuit against concert promoter AEG Live, her team of high-powered and high-priced lawyers are a VERY close second.
Brian Panish and Kevin Boyle had hoped to score a whopping 33 percent of the $1.6 billion in damages they’d asked the jury to award the King of Pop’s family,
That equates to more than $484 million.
“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
“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.”
Added the legal insider, “It was a huge gamble for Katherine’s lawyers and unfortunately for them, they lost.”
Had the Los Angeles-based lawyers billed the Jackson family matriarch on an hourly basis, the legal bill would have exceeded $15-20 million, the source added.
“This case was filed over three years ago and there were hundreds of depositions taken, expert witnesses to be paid, all which came out of the pocket of Katherine’s lawyers,”
In the lawsuit, Jackson’s 83-year-old mother and three children — Prince Michael, Paris and Michael — had alleged that AEG was to blame for the King of Pop’s death because it was negligent in the hiring and supervision of the doctor, Conrad Murray, who gave Jackson a fatal dose of the anesthetic proposal.
AEG successfully argued that Jackson had a history of abusing drugs, including the anesthetic. He was responsible for his own death, they claimed.
It’s standard practice in California for lawyers that take cases on a contingency basis to take 33% of any settlement or jury award.
While Katherine is coming to terms with the verdict, “she is already being pressured by youngest son, Randy, to appeal the decision,” a Jackson family insider told Radar.
“But Katherine’s lawyers are now heavily in the red on this case, it would seem unlikely they would continue to represent her if she is persuaded to appeal. The fact the decision was unanimous also doesn’t bode well for Katherine’s chances of mounting a successful appeal.”
SPINS JURY VERDICT
WE PROVED OUR POINT
Katherine Jackson has a rather tortured analysis of the jury verdict — she seems to be saying even if she didn’t get any money, she still kinda won.
Katherine says, “We have said from the beginning that this case was a search for the truth. We found the truth. AEG hired Dr. Conrad Murray, the man who is in jail for killing Michael Jackson.”
She’s right to this extent … the jury did say AEG Live hired Murray. In fact Katherine scoffs at AEG, saying, “AEG has denied for years, and continues to deny, that they hired Dr. Conrad Murray. The jury found unanimously that AEG hired Dr. Murray.”
But then the jury delivered a knockout punch to the Jackson lawsuit, by deciding essentially that when AEG Live hired Murray, they had no reason to believe he was an incompetent general practitioner … which was the whole point of bringing a doctor on board in the first place. Therefore, AEG was not negligent.
Katherine is pissed, saying, “AEG has repeated the mantra that this lawsuit was a shakedown. Such a statement is a slap in the face of the entire judicial system that allowed this case to go to a jury.”
Katherine and her lawyer, Perry Sanders, say “All options regarding the balance of the jury verdict (the ruling there was no negligence) are being considered.”