Lee's 'Spider' suit
Case vs. Marvel turns on licensing profits
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In a suit filed Tuesday in U.S. District Court in New York, Lee claims he's owed $10 million under terms of a 1998 employment agreement. Marvel claims Lee is owned only his $1 million-a-year salary in connection with his status as chairman emeritus.
"Spider-Man" has grossed more than $800 million in worldwide box office, and various studios hold high hopes for other pics based on Marvel characters. Those include Fox's Ben Affleck starrer "Daredevil," set for release Feb. 14, and its planned May sequel to 2000's "X-Men."
Marvel, which previously disclosed the prospect of Lee's filing the lawsuit (Daily Variety, Nov. 8), Tuesday said it "believes it is in full compliance with, and current on all payments due under, the terms of Mr. Lee's employment agreement."
But Lee in his suit complains Marvel execs "have personally realized enormous windfalls from the 'X-Men' and 'Spider-Man' films and their ancillary merchandise (but have) refused to share any of this good fortune."
Lee's most recent enterprise, an online animation outfit called Stan Lee Media, went out of business last year after a cash crunch. That followed a long tenure with Marvel that culminated in a high-profile bankruptcy reorg.
Comics icon's wrangling with Marvel would seem to rep a potentially messy flap for the entertainment company, which otherwise appears poised to finally put its financial house in order. But for the present, investors were unrattled by the Lee lawsuit, with Marvel's New York Stock Exchange-listed shares up 35¢, or 4%, at $8.40 in midsession trading.
(Bloomberg News contributed to this report.)
