A source for 'NSYNC confirmed to MTV News on Thursday
afternoon that after weeks of mediation, a settlement
has finally been reached between 'NSYNC and Trans
Continental Media guru Lou Pearlman and BMG Entertainment,
in the $150 million lawsuit filed against the boy band
in October.
The parties headed into an Orlando courtroom late last
month (see "'N Sync's Battle With Ex-Manager Heads To
Court" when Pearlman and BMG, owners of 'NSYNC's former
label RCA Records, slammed the boy band and their new
label, Jive Records, with a $150 million lawsuit. The
suit cited, among many alleged legal wrongdoings, breach
of contract.
'NSYNC struck back shortly thereafter, filing a
countersuit against Pearlman and his three Trans
Continental business holdings citing fraud, breach of
contract, and Pearlman's breach of fiduciary duty while
he was the group's manager.
Details are forthcoming and an official statement from
the band is expected by Monday.
We'll keep you posted.
-- Kara Manning, with additional reporting by Benjamin
Wagner
