Comic book creator Stan Lee filed a lawsuit of $1 billion against his former company Pow! Entertainment in May, claiming that he was ‘tricked’ into signing a document giving away rights to use his name and likeness. And now, the latest reports say that the 95-year-old Spider-Man creator has dropped the lawsuit. Lee confirmed the same in a recent statement, where he said that he was ‘thrilled’ to terminate the lawsuit and get back to his work.
His statement read-“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!”
Pow! Entertainment was acquired by Camsing International in 2017 and Lee alleged that the details were not properly disclosed to him.
He also claimed that they took advantage of him at a time when he was dealing with a rough phase after his wife’s death and suffering from macular degeneration, a condition affecting the eyes.