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Spider-Man Creator Stan Lee Sues Marvel Over Profits
Tuesday November 12, 2:15 pm ET
By Colleen DeBaise, Of Dow Jones Newswires
NEW YORK -(Dow Jones)- Stan Lee, the creator of Spider-Man, The Incredible Hulk and other superheroes, filed a lawsuit claiming Marvel Enterprises Inc. (NYSE:MVL - News) has embarked on a "shameful scheme" to deprive him of profits from its top-grossing movies and television programs.
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mr. Lee, who has spent more than 60 years with Marvel and serves as the comic- book company's Chairman Emeritus, claims Marvel has "trampled upon" his rights - particularly a 1998 agreement that entitles him to share in the profits of productions that use his famously fierce characters.
Mr. Lee's suit, filed Tuesday in Manhattan federal court, seeks 10% of profits earned from Hollywood films including the "Spider-Man: The Movie," which this spring grossed $114 million in its opening weekend.
Mr. Lee, 79 years old, claims he has not made any money from the film.
A Marvel spokesman wasn't immediately available for comment on the suit.
The company disclosed last week in a regulatory filing that Mr. Lee had threatened litigation, calling his claim meritless and noting thatit pays him an annual salary of $1 million.
The suit describes Mr. Lee's rise at Marvel, from when he was hired in 1939 at the age of 17 as an office errand-boy, to his eventual appointment as publisher.
According to the suit, Marvel is refusing to honor its commitment to Mr. Lee now that it has "hit the jackpot" with Spider-Man, and expects similar successes with other films, including "Daredevil" starring Ben Affleck.
Mr. Lee also seeks a share of profits made from toys and other merchandise based on his characters. |
