AEG's decision to drop its case against the insurer, Lloyds of London, comes after the firm claimed AEG hid the extent of the pop icon's extensive health woes.
Execs reportedly felt Jackson was an emotionally paralyzed mess leading up to the 50-show London gig he never ended up making; MJ died June 25, 2009.
AEG says the move has nothing to do with the discovery of new emails that prove AEG had doubts about MJ's health when it applied for the insurance policy.
Lloyds had sued AEG and Michael Jackson LLC in the wake of the singer's tragic demise to cancel the policy, claiming all parties involved were not forthright.
The insurer believes that singer's drug addiction - fueled by Dr. Conrad Murray, who was on AEG's payroll - and poor health were common knowledge at the time.
As such, they should have been disclosed, but were not.
It looks like everyone's moving on though. Lloyds says:
"In exchange for AEG withdrawing its insurance claim, underwriters agreed to dismiss AEG from the case and to waive any costs recoverable from AEG."
Lloyds will continue its legal battle against Jackson's estate, seeking "rescission of the policy due to non-disclosures of Michael Jackson's prior drug use."
[Photo: WENN.com]
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