Their legal battle is finally over and they have walked out with their head held high; well we are talking about the Backstreet Boys who have finally ended a long running legal battle with their former manager and convicted fraudster Lou Pearlman by accepting $99,000 settlement.
The Backstreet Boys has filed legal action against Lou Pearlman, claiming they were owed almost $3.5 million, but Lou Pearlman hit back, insisting there was a lack of evidence to back up their accusation.
The judge overseeing the case ordered the two sides to work out a deal earlier and now an agreement has been reached. In addition to the financial settlement, the Backstreet Boys have also regained ownership of the master recordings of a number of their songs, including the 1995 hit I’ll Never Break Your Heart.
Backstreet Boys have finally scored legal victory, snagging the rights to the master recording of one of their biggest songs in a battle that raged on for years.
In 2006, it was discovered that Lou Pearlman had perpetrated one of the largest and longest-running Ponzi schemes in American history, leaving more than $300 million in debts. After getting caught on the run, he pleaded guilty to conspiracy, money laundering and making false statements during a bankruptcy proceeding.
Lou Pearlman is the man behind the Backstreet Boys and ‘N Sync was sentenced to twenty five years behind bars in the year 2008 after being convicted of masterminding a half billion dollar scam.
U.S. District Judge G. Kendall Sharp gave Lou Pearlman the chance to cut his prison time, by offering to reduce the sentence by one month for every million dollars he helped a bankruptcy trustee recover. He also ordered that individual investors were to be paid before institutions in distributing any eventual assets.
Lou Pearlman, sixty, is serving his sentence with a projected release of March 24, 2029.
Their legal battle is finally over and they have walked out with their head held high; well we are talking about the Backstreet Boys who have finally ...2.0