On March 31, New York U.S. District Judge Paul Crotty dismissed a suit by shareholders in Stan Lee Media, Inc. against Lee and Marvel Entertainment, Inc. The nearly decade-old suit stemmed from claims of harm to shareholders when the rights to comic heroes such as Spider Man, the Incredible Hulk and the Fantastic Four were transferred by Lee to Marvel in 1998. Marvel was purchased by the Disney Corporation in December of 2009, and Stan Lee filed for bankruptcy in 2001. The suit sought $750 million dollars in damages.
The judge found the suit to be without merit for two reasons. First, he concluded that the shareholders lacked standing to sue because they did not acquire their Stan Lee Media shares until 1999, more than a year after the alleged “illegal” conduct. Second, Judge Crotty held that the shareholders waited too long to act by not filing their latest lawsuit until January 2009, saying they “cannot wait a decade to enforce their rights.” Plaintiffs’ attorneys did not return calls from Reuters seeking comment.
The suits by the estate of Jack Kirby against Marvel Entertainment and Disney are still proceeding.
Related Resources:
- Judge tosses lawsuit against Marvel, Stan Lee (Reuters)
- Spider Bites Back: The Fight Over Who Owns Spiderman Escalates (FindLaw’s Celebrity Justice)
- Stockholder’s Derivative Suit (FindLaw’s LawBrain)
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