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Jan. 27, 2009 / 11:42 PM

Comic-book titan Stan Lee sued for $750M

Actor Robert Downey Jr., who portrays Iron Man, trades words with someone dressed as Spider Man, another Marvel Comic character, as they meet on the trading floor of the New York Stock Exchange to promote Marvel Entertainment and Paramount pictures new film "Iron Man," which stars Downey Jr., on April 29, 2008. (UPI Photo/Ezio Petersen)

1 of 2 | Actor Robert Downey Jr., who portrays Iron Man, trades words with someone dressed as Spider Man, another Marvel Comic character, as they meet on the trading floor of the New York Stock Exchange to promote Marvel Entertainment and Paramount pictures new film "Iron Man," which stars Downey Jr., on April 29, 2008. (UPI Photo/Ezio Petersen) | License Photo

NEW YORK, Jan. 27 (UPI) -- Stan Lee Media shareholders are suing comic-book titan Stan Lee and former Marvel Studio head Avi Arad for $750 million, court papers reveal.

The federal lawsuit filed Monday in Manhattan concerns proceeds of blockbuster movies based on Marvel comic-book heroes, such as Spider-Man, Iron Man, the Hulk, the Fantastic Four and the X-Men -- all of which Lee helped create.

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The lawsuit accuses Lee of inking a deal with Marvel that is keeping shareholders from profiting from their alleged 50 percent ownership rights in Lee's popular superhero characters, the New York Daily News reported.

The BBC reported Marvel has dismissed the contents of the court papers as being filled with "ridiculous claims." The British broadcaster also quoted Lee's lawyer, Mark Williams, as saying, "We look forward to a positive resolution for Stan Lee and his family."

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