Lawsuit against Stan Lee, Marvel dismissed
Last Updated: Monday, April 5, 2010 | 1:03 PM ET
A $750-million US lawsuit that claimed profits from such popular comics characters as Spider-Man and the Fantastic Four has been dismissed by a federal judge in New York City.
The lawsuit was filed in January 2009 on behalf of shareholders of Stan Lee Media against Marvel Entertainment Inc. and Lee, the creator of many well-known comics.
It alleges that shareholders were harmed when Lee transferred rights in 1998 to characters such as Spider-Man, X-Men, the Fantastic Four and the Incredible Hulk to Marvel, which is owned by Walt Disney Co.
Stan Lee Media was founded by Lee and Miami businessman Peter F. Paul in 1998. Its publicly traded stock soared during the 1999 to 2000 internet boom.
When that crashed, the company filed for bankruptcy in 2001. Paul pleaded guilty four years later to improperly manipulating the company's stock price. Lee was never implicated.
In 2007, Stan Lee Media emerged from bankruptcy under new owners.
In his ruling last week, U.S. District Judge Paul Crotty said the shareholders, Jose Abadin and Christopher Belland, lacked standing to sue because they didn't buy their shares of Stan Lee Media until 1999 — after Lee made a deal with Marvel.
He also said they waited too long to launch their suit.
The shareholder suit is separate from one filed in 2007 by the new owners of Stan Lee Media, who are seeking to recover what they say are ownership rights to many famous characters.
- Jedward on the MMVA red carpet by Laura Thompson Jun. 17, 2013 12:48 PM Cheerful pop duo Jedward had much to say to CBC News on the red carpet Sunday night at the Much Music Video Awards in Toronto. A lot of their excitement came from seeing Avril Lavigne, complete with spiky hairband. Check out the Irish twins in this video clip.
Top News Headlines
- Obesity now recognized as a disease
- The American Medical Association has voted to recognize obesity as a disease, while doctors in Canada say they also treat it as such. more »
- B.C. First Nation sets fires to save bison
- A First Nation band is reviving the age-old practice of controlled burning in order to improve the health of forests and restore the population of the wood bison in a corner of northeastern B.C. more »
- 1 in 8 bird species threatened with extinction
- One in eight bird species worldwide faces the threat of extinction, according to a report released by Birdlife International. more »
- Canada buys rare War of 1812 collection for $573K
- The government of Canada was the winning bidder for a large collection of letters, maps and other papers that once belonged to Sir John Sherbrooke, the lieutenant-governor of Nova Scotia who conquered Maine for the British during the War of 1812. The collection sold for $573,000 at auction in London. more »
Latest Arts & Entertainment News Headlines
- Monsters University's Billy Crystal, Dave Foley
- Pixar returns to the story of animated duo Mike and Sulley in this summer's Monsters University, with Billy Crystal and Dave Foley among the notable cast of actors lending their voices to the kids' film. more »
- Guillermo del Toro calls Pacific Rim a family movie
- Director Guillermo del Toro' monsters vs. machines movie Pacific Rim is a summer spectacle that sets out to be different from other movies of its kind. more »
- Laval's corrupt image scares off choral festival sponsors
- The founder and driving force behind Laval, Que.'s annual international choral festival says allegations of corruption at Laval city hall have driven away some of the festival's sponsors. more »
- Dolce and Gabbana convicted of tax evasion
- A Milan court has convicted fashion designers Domenico Dolce and Stefano Gabbana of tax evasion, finding the pair guilty of failing to declare €1 billion ($1.37 billion Cdn) in income to authorities. more »
- Guillermo Del Toro's Monsters Jun. 19, 2013 1:47 PM The award winning director stops by Studio Q to chat about his upcoming blockbuster Pacific Rim.
- This summer's must-read mysteries Jun. 19, 2013 6:02 PM If you like a good thriller or whodunit to read while basking in the sun, then this roundup of books is for you!
- Sopranos star James Gandolfini dies in Italy
- Bob Rae quits as MP in 'very emotional' decision
- Wearing a mask at a riot is now a crime
- 2 men jailed in Dominican wedding fight back in Canada
- B.C. teacher duct-taped students' mouths
- Obesity now recognized as a disease
- Dozens of children seized from Manitoba Mennonite community
- Half of First Nations children live in poverty
- Huge ancient city at Angkor Wat revealed by lasers