Stan Lee Socks His Former Company With $1 Billion Lawsuit
Stan Lee Socks His Former Company With $1 Billion Lawsuit
Stan Lee Is Suing Pow! Entertainment, The Company He Co-Founded, For $1 Billion
17 May, 2018, 01:45
Therefore, the complaint claims, the production company either forged Lee's signature, or tricked him into signing over the rights to his name, image and likeness.
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 the suit filed in Los Angeles Superior Court, Lee has alleged that Duffy and Champion did not disclosed the full terms of the company's sale to Hong Kong-based Camsing International in 2017.
The entertainment icon contends that they took advantage of him at a time when he was despondent over the death of his wife Joan and suffering from macular degeneration, a condition affecting the eyes. Instead, what he purportedly signed was a "fraudulent" intellectual property assignment agreement that granted POW! Besides the health issues, it has been reported that Lee has been a victim of elder abuse, according to Heroic Hollywood.
"While the Illegitimate Document purports to contain Lee's signature, Lee never knowingly signed it", Grant continued.
Lee, it is argued, would not have knowingly signed a document providing the exclusive right to use his identity. "In addition, POW! took control of Lee's personal social media accounts, including Facebook, Instagram and Twitter, thereby impersonating Lee before a combined 15 million followers worldwide".
Lee and his legal team are seeking an injunction that invalidates the agreement, plus damages in excess of $1 billion.
Stan Lee, along with co-founders Gill Champion and Arthur Lieberman created two subsidiaries for POW! namely, a holding corporation called POW!
Lee's attorney Jonathan Freund has denied the allegations to the Chicago Tribune newspaper.
On 13 May, Lee's Twitter account bore the message: "Today was the first day I ever did a tweet myself".
"I appreciate everything you say and do". 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 superheros", posted his account recently.
There were more negative headlines when it emerged last month that Lee was being sued by massage therapist Maria Carballo for sexual assault and battery.
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