The 95-year-old says that he never knowingly signed the agreement for the "sham" deal, and that it amounts to a fraudulent theft by Duffy and Champion of his "identity, name and likeness", branding it - with a phrase lifted straight from the comic books - a "nefarious scheme" involving possible forgery.
According to the complaint filed Tuesday in Los Angeles County Superior Court, Lee has been selective about licensing his name and likeness and will only authorize the use on a non-exclusive basis.
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.
The purported suit seeks to rescind POW!'s agreement with Lee entirely on those grounds, as well as seeking "damages in excess of one billion dollars".
Lee claims that Duffy and Champion failed to disclose the full terms of the company's sale to Hong Kong-based Camsing International in 2017. "The exclusive use of Lee's identity, name, image, and likeness ... and each of them knew that their objective was unlawful and they meant to aid each other in achieving that unlawful objective", it added.
It added that Lee has a history of agreeing to non-exclusive licences for the use of his name, image and likeness.
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. At the time, Lee claims, he was devastated because his wife was on her deathbed and they took advantage of his despair - and his macular degeneration, which rendered him legally blind in 2015. Lee's Twitter account also alleged that the same entity continues to run Lee's verified Instagram and Facebook acounts. If someone had read the document to Lee, the suit adds, "he would not have knowingly signed it".
Lee is in the news again with a new law suit, for 1 billion dollars, against POW!