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By Damilola Faustino

The 1 billion lawsuit filed by Stan Lee on his former company POW! Entertainment has been dropped.

stan lee

Recall that in May, Lee was seeking damages from his former company POW! Entertainment – claiming that he was tricked into signing a deal that saw him give away rights to use his name and likeness.

Lee accused POW! CEO Shane Duffy and co-founder Gill Champion of conspiring “to fraudulently steal Lee’s identity, name, image, and likeness as part of a nefarious scheme to benefit financially at [his] expense” following his “devastating” decline in health due to macular degeneration.

However, a new press release has stated that the case has now been dismissed. A statement released from Lee reads: “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. 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!”

CEO Duffy of POW! said in a statement: “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.”

Duffy continued: “We recently got together with Stan to discuss our path forward and we and Camsing are pleased with his overwhelmingly enthusiastic reaction.”

Read also: Apple’s Siri Has Been Informing People That Stan Lee Is Dead

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