According to a Reuters report, Marvel Comics has settled it's long running suit brought by creator Stan Lee back in 2002. The suit filed by Lee claimed the creator was owed 10 of profits from movie and television productions featuring Marvel character, as well as all movie-related toys created by Marvel.
While the wire reports covering the settlement didn't detail the settlement value, Marvel's first quarter operating results were released today and indicated that a "$10 million, one-time charge related to the settlement of litigation with Stan Lee" was made by the company.
The official press release issued earlier today by Marvel follows.
Official Press Release
NEW YORK--(BUSINESS WIRE)--April 28, 2005--Marvel Enterprises, Inc. (NYSE:MVL) announced today that it has settled all pending litigation with Stan Lee. The settlement agreement covers the lawsuit filed by Mr. Lee in November 2002 in which Mr. Lee claimed entitlement, under an agreement with Marvel, to a participation in Marvel's profits from various sources, including the Spider-Man movies and other film and television productions that utilize Marvel characters. The settlement covers Mr. Lee's participation claim for both past and any potential future payments. Specific terms of the settlement agreement were not disclosed.
John Turitzin, Marvel's General Counsel, said, "Stan is one of the founders of today's comic book industry. We are pleased with the settlement and are happy to have resolved all of our disputes with him."
Eric Green of Resolutions, LLC mediated the settlement.
About Marvel Enterprises
With a library of over 5,000 characters, Marvel Enterprises, Inc. is one of the world's most prominent character-based entertainment companies. Marvel's operations are focused in three areas: licensing and entertainment (Marvel Studios), comic book publishing and toys. Marvel facilitates the creation of entertainment projects, including feature films, DVD/home video, video games and television programming based on its characters and also licenses its characters for use in a wide range of consumer products and services including apparel, collectibles, snack foods and promotions. Marvel's characters and plot lines are created by its publishing segment that continues to expand its leadership position in the U.S. and worldwide while also serving as an invaluable source of intellectual property.