NEW YORK, NY, 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.