Stan Lee in $1 bn lawsuit against company he started

Stan Lee in $1 bn lawsuit against company he started

Entertainment CEO Shane Duffy and co-founder Gill Champion did not discuss the details of their transaction with Camsing International Ltd., an investment holding company principally engaged in the provision of procurement and assembly services in Hong Kong.

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 USA vice president Shane Duffy as POW!'s CEO.

According to a complaint filed in the L.A. County Superior Court, Lee was asked by his business partners to sign a non-exclusive license with POW! in order to use his name and likeness for creative endeavours.

The complaint also states that Duffy, Champion and Lee's former business manager Jerardo Olivarez (who is not named as a defendant in the suit) took advantage of his grief over the death of his wife of 70 years, Joan B. Lee, last year and his poor eyesight due to macular degeneration.

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Per his current lawsuit, Lee is "seeking an injunction declaring the agreement invalid and unenforceable and damages in excess of $1 billion,"T.H.R. reports".

According to documents, Lee's legal team argues that his name is "the most important and prized possession Lee and his family owned his entire life".

In his first video post on Twitter, Marvel comics creator Stan Lee thanked fans for their dedication and kind words on social media.

"Duffy and Champion were incentivised to get a deal between POW! and Camsing done because each of them would benefit financially", claims the suit, and that the pair "never disclosed the actual terms of the deal to Lee before closing it".

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At 95-years-old, it's troubling that others have seemingly been taking advantage of Lee for so long.

"From now on, I will depend on you, my dear fans, to protect and defend me", Lee said. The suit claims that Pow! was also given the right to use Lee's Twitter, Instagram and Facebook accounts. "I love you all and let's keep up this great relationship". No one ran the documents by him and since he was declared legally blind in 2015, Lee could not have read them himself. "You guys are my true superheroes", he wrote.

On the day of the premiere, news broke of a lawsuit in which Lee is accused of sexual misconduct by a massage therapist who says he acted inappropriately with her during two separate sessions.

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