Tuesday, January 27, 2009

Marvel sued for $750M in movie profits

Shareholders of an ill-fated Stan Lee venture are seeking more than $750 million in profits from films based on Marvel comic characters such as "Spider-Man," "X-Men" and "Iron Man."

The lawsuit was filed Monday in a Manhattan federal court on behalf of four shareholders of Stan Lee Media, Inc. Defendants include Lee, his wife, New York-based Marvel Entertainment, Inc., and former Marvel CEO Avi Arad.

The lawsuit claims profits from Lee's comic creations belong to the company, which emerged from bankruptcy in 2006. The suit claims Lee and others ignored the company and shareholder's interests.

Lee could not immediately be reached for comment. Marvel said through a spokesman that the lawsuit is filled with "ridiculous claims." - AP

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