Lee's purported complaint alleges that Lee signed a fraudulent contract with POW!, granting them exclusive rights to his name, though the suit claims Lee negotiated a non-exclusive agreement.
The curious case of Stan Lee has made waves across the Internet ever since Lee was diagnosed with pneumonia and hospitalized with an irregular heartbeat this February.
Lee, the co-creative force behind many superhero characters, including Black Panther and Spider-Man, sold the company to Camsing a year ago. The suit claims that Olivarez and two other men, Shane Duffy and Gill Champion, asked Lee to sign over a non-exclusive right to his name to Pow!
According to the suit, Lee formed POW!, a media production company, with Champion and Arthur Lieberman.
Lee is in the news again with a new law suit, for 1 billion dollars, against POW!
He's now suing his former business manager Jerardo Olivarez for fraud, accusing him of mismanaging his affairs and embezzling millions of dollars, at the time when he was grieving over the death of Joan Lee in 2017.
Lee claims in the suit, which you can read below courtesy of Variety, that the initial deal was presented to him as a non-exclusive right to use his name when in reality it was an exclusive right.
Due to Lee's advanced macular degeneration he has lost most of his vision and can not read.
Lee explained that he would not have knowingly signed the licence and that he suspects someone induced him into signing the document by using a "bait and switch" tactic, telling Lee that the document was something else. "In addition, POW! took control of Lee's personal social media accounts, including Facebook, Instagram and Twitter, thereby impersonating Lee before a combined 15 million followers worldwide".
According to the complaint, POW! needed Lee's permission to use his name, which he says he never knowingly gave.
The suit, brought by attorney Adam D.H. Grant of Alpert, Barr & Grant, seeks to rescind the license agreement as well as "damages in excess of one billion dollars".
The BBC has contacted POW! and the Hong-Kong based Camsing International Holding, who owns it, for comment.