Stan Lee Files A Billion-Dollar Lawsuit Against Pow! Entertainment
The comic book legend, Stan Lee, alleges that unscrupulous business partners took advantage of his declining eyesight in order to swindle him out of his company.
Stan Lee has been on quite the tear since the passing of his wife. From accusing his own daughter of elder abuse to selling a sci-fi comedy to a Chinese media group, Lee is in the news for a myriad of things. The latest stems from allegations that he was swindled into selling his co-founded company, Pow!, which began in 2001, to Camsing International Holding, a Hong Kong company.
The lawsuit, which you can read in full over at Variety, claims that Lee’s declining eyesight was the modus operandi for his “unscrupulous business partners” to take advantage of Lee to make the deal. Elsewhere in the suit it is noted that Lee has macular degeneration — a disease that causes deteriorating eyesight. The deal in 2001 found Lee signing away exclusive rights to use his name to the Chinese company.
A similar suit was brought last month against Jerardo Olivarez, a former publicist and business manager to Lee. Olivarez was accused of draining Lee’s accounts of $1.4 million and using his blood to create a commemorative stamp without Lee’s consent. The new suit also mentions Olivarez, though he’s not listed as a defendant. He is mentioned alongside two other men, Shane Duffy and Gill Champion, as the individuals who asked Lee to sign over a non-exclusive right to his name to Pow! Entertainment.
The document that ultimately was signed granted an exclusive right, against Lee’s wishes, according to the lawsuit. Pow! was also given the right to use Lee’s Twitter, Instagram, and Facebook accounts.
You can read the full document at Variety.