Stan Lee filed a suit against the individuals of POW! Entertainment (and POW! itself) back in May. The original complaint cited Lee’s former business partners as “unscrupulous businessmen,” stating that the men took advantage of many factors such as Lee’s age, emotional state, and disability in order to trick him into signing away the exclusive rights to his name, likeness, and identity to POW! Entertainment. It was alleged in the complaint that the deal was done in order to sell that right to Camsing International, a Hong Kong Corporation.
Among many other claims, such as a claim of conspiracy, the complaint generally asserted that the big deal was done fraudulently. The original complaint sought a declaratory judgment that the agreement was unenforceable and demanded over $1 billion in damages.
As is common with legal debacles, however, we won’t be seeing a trial with this one. On Monday, just two months following the filing of this suit, Lee dropped the claims against POW! and the individuals involved.
Apparently, the charges were dropped, which is most likely to mean that the case was settled out of court, and the deal with Camsing international will go forward with new things to come for Stan Lee’s enterprise. According to a statement made to Hollywood Reporter, Lee has reported that he is “thrilled to put the lawsuit behind [him], get back to business with my friends and colleagues at POW! and launch the next wave of amazing characters and stories!”