GargoyleKDR
04-29-2005, 02:27 PM
Marvel Settles With Stan Lee
Takes $10 Million Charge
April 29, 2005
Marvel Enterprises has announced that it has settled all pending litigation with Stan Lee. The settlement agreement, which was mediated by Eric Green of Resolutions LLC, covers the lawsuit filed by the Spider-Man co-creator in November of 2002 (see "Stan Lee Pulls the Trigger") in which Stan the Man claimed the right, 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, though Marvel did take a one-time charge of $10 million in its latest financial statement to cover the settlement (and noted that "this charge is in addition to previously recorded accruals for this litigation").
Stan Lee won the first round in the lawsuit (see "Stan Gets Spidey Cents") in a decision that was handed down earlier this year and recently Marvel has appeared eager to settle the dispute (see "Stan Lee's Marvel Lawsuit Near Settlement?"). The settlement of the lawsuit cleared the decks enabling Marvel to move ahead with the "in-house" production of its own movie blockbusters (see "Marvel to Make Its Own Movies").
Takes $10 Million Charge
April 29, 2005
Marvel Enterprises has announced that it has settled all pending litigation with Stan Lee. The settlement agreement, which was mediated by Eric Green of Resolutions LLC, covers the lawsuit filed by the Spider-Man co-creator in November of 2002 (see "Stan Lee Pulls the Trigger") in which Stan the Man claimed the right, 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, though Marvel did take a one-time charge of $10 million in its latest financial statement to cover the settlement (and noted that "this charge is in addition to previously recorded accruals for this litigation").
Stan Lee won the first round in the lawsuit (see "Stan Gets Spidey Cents") in a decision that was handed down earlier this year and recently Marvel has appeared eager to settle the dispute (see "Stan Lee's Marvel Lawsuit Near Settlement?"). The settlement of the lawsuit cleared the decks enabling Marvel to move ahead with the "in-house" production of its own movie blockbusters (see "Marvel to Make Its Own Movies").