Stan Lee terminates $1 billion lawsuit against former company

"The whole thing has been confusing to everyone"

The one billion lawsuit sought by Stan Lee from his former company POW! Entertainment has been dismissed.

Back in May, Lee was seeking damages from his former company POW! Entertainment – claiming that he was tricked into signing a deal that saw him give away rights to use his name and likeness.

Lee accused POW! CEO Shane Duffy and co-founder Gill Champion of conspiring “to fraudulently steal Lee’s identity, name, image and likeness as part of a nefarious scheme to benefit financially at [his] expense” following his “devastating” decline in health due to macular degeneration.

However, a new press release has stated that the case has now been dismissed. A statement released from Lee reads: “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!”

Read more: Stan Lee – the soundtrack of my life

CEO Duffy of POW! said in a statement: “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.”

The release detailed that while POW! and parent company Camsing Global deemed the lawsuit meritless, they worked behind-the-scenes with Lee to find a compromise.

Duffy continued: “We recently got together with Stan to discuss our path forward and we and Camsing are pleased with his overwhelmingly enthusiastic reaction.”

Meanwhile, Steve Ditko, the co-creator of Marvel Comic’s Spider-Man and Doctor Strange, has died at the age of 90.

Author Neil Gaiman tweeted in tribute: “Steve Ditko was true to his own ideals. He saw things his own way, and he gave us ways of seeing that were unique. Often copied. Never equalled. I know I’m a different person because he was in the world.”

Filmaker Edgar Wright wrote: “RIP to comic book legend Steve Ditko, beyond influential on countless planes of existence. He never truly profited from his comic creations that have lasted for decades, but his work will never be forgotten.”