Stan Lee Has Filed a Billion-Dollar Lawsuit Against Pow! Entertainment
Another big piece of news regarding Stan Lee has dropped. The Marvel legend has filed a billion-dollar lawsuit against his old company Pow! Entertainment. He claims that his business partners took advantage of his declining eyesight so that they could swindle him.
Lee launched Pow! Entertainment in 2001 and sold it last year to a company in Hong Kong called Camsing International Holding. According to the suit, "Lee has macular degeneration — which causes deteriorating eyesight. The suit alleges that Pow! took advantage of his condition to get him to sign away an exclusive right to use his name to the Chinese company."
This is the second lawsuit that Lee has filed recently. The first was against his former publicist and business manager Jerardo Olivarez. According to that lawsuit, Olivarez stole $1.4 million and used his blood to create a commemorative stamp of Lee's without his approval. Variety goes on to point out that this all ties into the issues that Lee is having with his social media accounts that we reported on earlier:
The new suit also mentions Olivarez, though he is not named as a defendant. The suit claims that Olivarez and two other men, Shane Duffy and Gill Champion, asked Lee to sign over a non-exclusive right to his name to Pow! Entertainment. However, the document that ultimately was signed granted an exclusive right, against Lee’s wishes, according to the suit. The suit claims that Pow! was also given the right to use Lee’s Twitter, Instagram, and Facebook accounts.
That's pretty crazy! The suit is looking to rescind the license agreement as well as "damages in excess of one billion dollars." I hope that Lee wins.