Comic legend Stan Lee drops US$1 billion lawsuit against company he co-founded, saying it was ‘confusing to everyone’

The financial and personal affairs of Stan Lee, 95, have been in the spotlight since allegations of elder abuse recently emerged against a carer

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In this October 20, 2016 file photo, Stan Lee arrives at the premiere of Doctor Strange in Los Angeles. Photo: AP

Published: 1:40pm, 10 Jul 2018Updated: 1:40pm, 10 Jul 2018

Comic book legend Stan Lee has terminated a US$1 billion lawsuit alleging that the entertainment company he co-founded had tricked him into signing away his image rights.

The complaint, filed in Los Angeles County Superior Court in May, accused POW! Entertainment CEO Shane Duffy and co-founder Gill Champion of failing to disclose fully to Lee details of the firm’s 2017 sale to Camsing International.

The entertainment icon had contended that they took advantage of him at a time when he was despondent over the death of his wife Joan and suffering from macular degeneration, a condition affecting the eyes.

“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 in statement circulated among US media.

“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!”

In this April 23, 2018 file photo, Stan Lee, left, and Keya Morgan arrive at the world premiere of Avengers: Infinity War in Los Angeles. A Los Angeles court issued a temporary restraining order against Keya Morgan, but it was later dismissed. Photo: AP

The announcement comes amid a struggle over Lee’s fortune, estimated at more than US$50 million, and concerns about his mental and physical health since Joan’s death last year.