Stan Lee has dropped his $1 billion lawsuit against executives at his former company POW! Entertainment.
The Marvel Comics legend founded the firm in 2001, but sold it last year (17) to officials at Hong Kong company Camsing International Holding.
In May (18), Stan’s attorney filed a complaint, claiming POW! chiefs took advantage of Lee’s deteriorating eyesight to get him to sign away the exclusive right to use his name.
The suit listed current POW! chief executive Shane Duffy and the company’s co-founder Gill Champion as defendants and alleged, “(They) conspired and agreed to broker a sham deal to sell POW! to a company in China and fraudulently steal Stan Lee’s identity, name, image, and likeness as part of a nefarious scheme to benefit financially at Lee’s expense.”
His lawyers asked a judge to void the license agreement and impose “damages in excess of one billion dollars”.
However, according to The Hollywood Reporter, Lee has now dismissed 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,” a statement from Lee reads. “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!”