Entertainment Slapped With $1 Billion Stan Lee Lawsuit

Stan Lee

The comic book legend claims that the enterprise tried to steal his name, image and likeness during a crooked sale to a Chinese business in 2017.

Lee formed POW! in 2001 as a holding company of sorts for his vast library of intellectual property for film, television, animation, and comics, among other content. Camsing International acquired POW! in 2017 for an undisclosed price and placed its US vice president Shane Duffy as POW!'s CEO. CEO Shane Duffy and co-founder Gill Champion didn't disclose the terms of the deal to him before it closed.

He's now suing his former business manager Jerardo Olivarez for fraud, accusing him of mismanaging his affairs and embezzling millions of dollars, at the time when he was grieving over the death of Joan Lee in 2017. Instead, what he purportedly signed was a "fraudulent" intellectual property assignment agreement that granted POW!

The lawsuit, filed in Los Angeles Superior Court in Santa Monica and obtained by TMZ, alleges that POW!

According to the lawsuit, Lee was unable to actually read the document due to macular degeneration, and he doesn't remember anyone reading it to him, suggesting that his signature may have been forged, copied or induced.

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"While the Illegitimate Document purports to contain Lee's signature, Lee never knowingly signed it", Grant continued. And things don't end there, because he's also filed a $1 billion lawsuit against POW!

Lee created or co-created some of Marvel's most recognizable characters, like Spider-Man, Iron Man, Hulk, and The Avengers, in the 1960s.

But in April, Olivarez denied to The Hollywood Reporter that he had misappropriated Lee's funds.

The 95-year-old said he was duped into signing an agreement that gave entertainment company Pow!, which he co-founded, exclusive rights to his name, identity and likeness.

On May 15, 2018, Lee sent out a cry for "help" and claimed that someone had "hijacked" his Facebook and Instagram.

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Stan Lee has come out swinging against his former company POW!

"From now on, I will depend on you, my dear fans, to protect and defend me. I love you all and let's keep up this great relationship".

Read the suit below and stay with The 405 for more on all three legal actions Lee is in as we hear it. You guys are my true superheros.

Lee was also recently sued for damages by a masseur who has accused him of sexual misconduct during a massage appointment at a hotel in Chicago.

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