Marvel Comics legend, Stan Lee has filed a $1 billion lawsuit against his subsidiary company, POW! Entertainment. Stan Lee claims that the company conspired to steal his identity during a fraudulent transaction with a Chinese business last year.
Lee says that POW! 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.
In Stan Lee’s complaint filed in L.A. County Superior Court, it was indicated that Lee was asked by his business associates to sign a non-exclusive license with POW! Entertainment for the use of his name and likeness for his creative stroke of genius. Lee appealed to the court because the document that he was asked to sign was really an agreement that would allow POW! to gain the exclusive right to use Lee’s name, identity, image, and likeness on a worldwide basis permanently.
POW! (Purveyors of Wonder) Entertainment is an American media production company formed in 2001. Stan Lee, along with co-founders Gill Champion and Arthur Lieberman created two subsidiaries for POW! namely, a holding corporation called POW! Entertainment, Inc. (POW! Inc.), and a wholly owned subsidiary called POW! Entertainment, LLC (POW! LLC), which is currently owned by Hong Kong-based investment company, Camping International Ltd.
Stan Lee is already 95 years old and has macular degeneration, which means he is legally blind. When the deal happened, Lee could not read the document that he was signing. And, although his colleagues were aware of his condition, no one bothered to read the document to him. Lee’s attorney Adam Grant claims that his signature was forged, lifted, or induced by a bait-and-switch tactic. Lee’s attorney said he does not recall anyone reading the Illegitimate Document to him, and, due to his advanced macular degeneration, he could not have read it himself.