The prolific Marvel comic king—behind Spider-Man, Iron Man, the Hulk and dozens of others—is dropping his $1 billion lawsuit against POW! Entertainment for fraud, two months after the suit was filed in his name.
"The whole thing has been confusing to everyone, including myself and the fans, but I am now happy to be surrounded by those who want the best for me," Lee said in a statement. "I am thrilled to put the lawsuit behind me, get back to business with my friends and colleagues at POW! and launch the next wave of amazing characters and stories!"
POW! CEO Shane Duffy added, "We are ecstatic that this ill-founded lawsuit has been dismissed and we look forward to working with Stan again to develop and produce the great projects that were put on hold when the lawsuit was filed. We recently got together with Stan to discuss our path forward and we and Camsing are pleased with his overwhelmingly enthusiastic reaction."
This news comes on the heels of a judge granting a restraining order to protect Lee and his family against a memorabilia collector who allegedly embezzled assets worth $5 million or more.
The collector, Keya Morgan, has been accused of isolating the 95-year-old from his daughter J.C. Lee and others, in a bid to control his comic empire. The order bars Morgan from coming within 100 yards of Stan, J.C. and his brother, Larry Lieber.