Reports suggest that lawyers were seeking payouts of up to £52m for each of the star's three children, as well as an unspecified amount for economic losses, estimated at up to £986m.
Michael’s mother, 83-year-old Katherine Jackson, brought the lawsuit against the company, arguing they had been negligent in hiring an arguably incompetent doctor to care for 50-year-old Michael.
Following a five-month trial and three days of deliberation, the 12-strong jury delivered a verdict of not guilty.
Concluding that the doctor who had looked after Jackson ahead of his concert tour was not unfit for his job - and so AEG had not been negligent in hiring him, the jury said:
‘That doesn't mean we felt he was ethical.’
Speaking after the trial today, AEG Live executive Randy Phillips said:
‘I counted Michael Jackson a creative partner and a friend.’
‘We lost one of the world's greatest musical geniuses, but I am relieved and deeply grateful that the jury recognised that neither I, nor anyone else at AEG Live, played any part in Michael's tragic death.’
Michael Jackson died on 25 June 2009 at his rented home in Los Angeles where he was rehearsing for a series of 'This Is It' comeback concerts in London.