If you were a parent who thought someone molested your child, even a very high profile, wealthy person, wouldn't you want the person convicted in a criminal court? That would not preclude you from suing the molester. How in the world could money, any amount, be more important than getting a child molester convicted and off the streets?
If those parents were really concerned about their boy and other children, they would not have slept until Michael was charged, tried, convicted and sentenced to the fullest extent of the law. Then they could have sued and been credible.
Are you serious? This would be in some parallel universe where all parents always put their children's welfare first. Did you know that some parents sexually molest, beat, prostitute, sell and murder their own children? Taking a little blackmail hush money (or a lot) is nothing.