Stan Lee and POW! Entertainment jointly announced today that the "billion dollar" lawsuit filed in Lee's name on May 14, 2018 against POW! Entertainment has been dismissed by Lee.

Stan Lee said: "The whole thing has been confusing to everyone, including myself and the fans, but I am now happy to be surrounded by those who want the best for me. I am thrilled to put the lawsuit behind me, get back to business with my friends and colleagues at 0050OW! and launch the next wave of amazing characters and stories!"

POW! Entertainment issued a statement in May of this year in which POW! said that the lawsuit was preposterous and completely without merit. Even though the lawsuit was never served, POW! and its corporate parent, Camsing Global, did not take action against Stan but quietly worked behind the scenes to lift the cloud that the lawsuit put over both companies and to help Stan regain control of his life. As POW! said in an open letter to Stan's fans in April, POW!'s primary concern was for Stan's well-being – and nothing has changed that.

Shane Duffy, CEO of POW!, said "We are ecstatic that this ill-founded lawsuit has been dismissed and we look forward to working with Stan again to develop and produce the great projects that were put on hold when the lawsuit was filed. We recently got together with Stan to discuss our path forward and we and Camsing are pleased with his overwhelmingly enthusiastic reaction."

POW! also stated that it will deal appropriately, through all legal means, with others who attempt to interfere with Stan's well-being and his relationship with POW! and to prevent anything like this from happening again.

The restraining order protecting Lee from a allegedly malicious memorabilia collector was also struck down last Friday.