Teen popsters the Backstreet Boys have reached an out-of-court
settlement in their lawsuit against their founder, record producer Louis J.
Pearlman, according to Jay Marose, a spokesperson for their label, Trans
Continental Records. A party involved in the case, who asked not be named,
said the Boys are now equal shareholders with Pearlman in the Backstreet
Boys as a business entity, but the source would not confirm whether the
settlement also secured them equal partnership. The Orlando, Fla.-based
quintet claimed Pearlman had taken more than his entitled share of its
estimated $200 million earnings.