Marvel Icon Stan Lee Drops $1 Billion Lawsuit Against Former Company

| July 10 , 2018 , 15:11 IST

Comic book creator Stan Lee has terminated a $1 billion suit he against POW! Entertainment, media reported on Tuesday.

In May, the 95-year-old Marvel superhero creator launched the suit against the company's co-founder Gill Champion and its CEO, Shane Duffy alleging that he had been conned into signing a document giving away rights to use his name.

In a statement, Lee has revealed that he is terminating the lawsuit.

“The whole thing has been confusing to everyone, including myself and the fans, but I am now happy to be surrounded by those who want the best for me,” Lee said.

“I am thrilled to put the lawsuit behind me, get back to business with my friends and colleagues at Pow! and launch the next wave of amazing characters and stories!”.

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The original document claimed that a "nefarious scheme" saw Champion and Duffy conspire to fraudulently steal his name. POW! said it had been working behind the scenes to resolve the dispute out of concern for Lee's well-being.

"We are ecstatic that this ill-founded lawsuit has been dismissed and we look forward to working with Stan again to develop and produce the great projects that were put on hold when the lawsuit was filed,” Duffy said. “We recently got together with Stan to discuss our path forward and we and Camsing are pleased with his overwhelmingly enthusiastic reaction."

The timing of Lee's lawsuit against POW! came not long after the comic book legend and fans all over the world mourned the loss of Lee's Spider-Man cocreator Steve Ditko, who passed away at the age of 90.

The original order against the Spider-Man co-creators former adviser Keya Morgan claimed that Morgan tried to embezzle $5m worth of Lee’s assets. It also alleged elder abuse. Morgan denies both allegations. He has also been charged with filing false police reports and violating his probation. A new restraining order is expected to be filed in the coming weeks.

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It's been a rough year for the Marvel icon Stan Lee, starting last July when his wife Joan Lee, passed away at age 95. The turmoil continues in his life in 2018 with claims allegations of sexual misconduct against him followed by health scares including an irregular heartbeat and pneumonia and the reports that he was allegedly the victim of elder abuse.