Supposedly the settlement is worth a billion dollars (and that's just the amount he's due to DATE).
Originally posted by The New York TimesMarvel Enterprises said yesterday that it had settled its legal battle with Stan Lee, its chairman emeritus and a co-creator of Marvel characters like Spider-Man and the Fantastic Four.
Mr. Lee sued the company in November 2002, arguing that it had failed to honor a contract promising 10 percent of profits from television and film productions like "Spider-Man," "X-Men" and "Hulk" as well as from some related merchandise.
(f) In addition, you shall be paid participation equal to 10% of the profits derived during your life by Marvel (including subsidiaries and affiliates) from the profits of any live action or animation television or movie (including ancillary rights) productions utilizing Marvel characters. This participation is not to be derived from the fee charged by Marvel for the licensing of the product or of the characters for merchandise or otherwise. Marvel will compute, account and pay to you your participation due, if any, on account of said profits, for the annual period ending each March 31 during your life, on an annual basis within a reasonable time after the end of each such period.
No kidding. My local comic shop is hanging by a thread and this news could potentially destroy them. It's really sad. So the stories I've followed for most of my life are coming to a close. I guess after August, I'm out.