Lee Wins Suit Against Marvel
Stan Lee is entitled to 10% of certain profits that Marvel Enterprises has made off of movies based on its characters, a court has ruled.
Lee sued Marvel, claiming he was due a cut of profits that Marvel made off the Spider-Man movies and other film and TV projects that use Marvel characters. The United States District Court for the Southern District of New York has now agreed with Lee and ruled that he is entitled to 10% of the profits Marvel has received since November 1998 from studios for the right to produce motion pictures and television productions based on Marvel’s characters. Lee is also entitled to a cut of the profits from the movie-based toys manufactured and sold by Marvel itself.
The court, however, rejected Lee’s claim to a share of Marvel’s profits off of third-party merchandising fees. Also, the court ruled that a jury will have to resolve Lee’s claim to profits from a joint venture between Marvel and Sony and from Marvel’s Hulk licensing program with Universal.
Marvel says it will appeal the decision.
[Source: Business Wire]