Mr Jackson has not been seen in public since his recent trial

Prescient Acquisition Group took the legal action in Manhattan on Monday.

It claims it was not paid by the star, who enlisted the firm's help to pay off a $272m (�153m) debt and buy the remaining 50% of the Beatles library.

The action comes weeks after Mr Jackson was cleared of child abuse charges after a trial in California.

Song copyright

According to the lawsuit, Prescient helped Mr Jackson find investors to help him pay off the $272.5m debt to Bank of America.

The company also claims it helped him buy complete control of MJ Publishing Trust - also known as Sony/ATV Music Publishing LLC - which owns and administers copyrights to thousands of songs, including the Beatles library.

It cost Mr Jackson an additional $265m (�150m) to help him exercise his option to purchase the 50% interest in Sony/ATV Music Publishing that he did not own, the lawsuit said.

Prescient's lawsuit charges Jackson with breach of contract and unjustly accepting their services without paying for them.

Its contract with Mr Jackson means they are entitled to 9% of the total funds, said Prescient lawyer Steven Altman.

"The reality is, we have helped Michael Jackson acquire a magnificent asset and he'll be able to fund his exotic lifestyle for the rest of his life," Mr Altman said.

"We just want to get paid," he added.