Stan Lee drops $1B suit against company

Marvel mastermind Stan Lee dropped his $1-billion lawsuit against POW! Entertainment this week, in which he claims he was tricked into signing away the exclusive rights to his name, reports Variety.

The 95-year-old originally signed the suit in May, when he was allegedly under the care of Keya Morgan, a memorabilia collector who was a friend of Lee’s daughter.

According to TMZ, Lee’s legal team suggests Morgan purposefully isolated Lee from friends and family. Thanks to a restraining order granted Friday, Morgan can no longer contact Lee or come within 100 yards of him, having moved out of the comic giant’s home. The application for the order alleged Morgan had been attempting to embezzle $5-million worth of Lee’s assets. He has repeatedly denied these claims.

In a joint statement between POW! and Lee, Lee said, “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. 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!”

The company added, “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. We recently got together with Stan to discuss our path forward and we and Camsing are pleased with his overwhelmingly enthusiastic reaction.”