Marvel legend Stan Lee has officially dropped his $1 billion lawsuit against POW! Entertainment less than 2 months after he filed the lawsuit for fraud and conversion.
The news came from The Hollywood Reporter, which said that Lee dismissed the lawsuit regarding the use of his name and likeness. Lee originally felt he was fooled into signing over rights to his name and likeness but POW! questioned the suit when reports surfaced about the Marvel creator becoming a victim of elder abuse.
"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 explained in a statement. "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!"
Thankfully, it looks like the issue with POW! Entertainment has been settled, and it looks like the company is willing to move forward on working on future projects with Stan Lee.
POW CEO Shane Duffy also made 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. We recently got together with Stan to discuss our path forward and we and Camsing are pleased with his overwhelmingly enthusiastic reaction."
When the Marvel creator originally filed the lawsuit, he claimed that Duffy and his co-founder Gill Champion didn't fully disclose the terms of the deal to him, claiming that they took advantage of him.
It looks like things are getting better with Stan Lee lately after the tough experiences he had earlier this year.
Read more:David Hasselhoff Says He And Stan Lee Are Text Message Buddies
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