Michael Jackson - Concert Promoters Drop Claim To Collect On Michael Jackson's Death

Lloyds of London chiefs sued Aeg bosses after the pop star's death, alleging they failed to disclose important information about the Bad hitmaker's medical history before they signed on as his insurance brokers and offered him a policy, claiming they should not be forced into coughing up the hefty sum.

And on Monday (10Sep12) executives behind the concert firm agreed not to pursue the payout.

A representative for Lloyds of London tells CNN.com, "In exchange for Aeg withdrawing its insurance claim, underwriters agreed to dismiss Aeg from the case and to waive any costs recoverable from Aeg."

The singer died from a Propofol overdose in 2009.