The company co-founded by but long since unaffiliated with comic book tycoon Stan Lee does not own the rights to his most famous characters, an appeals court ruled Wednesday.
The 9th Circuit ruled that a federal judge in Los Angeles appropriately dismissed the case in 2012, saying that the Colorado-based company Stan Lee Media Inc. never demonstrated that Lee had given it the rights to his characters.
SLMI was founded in 1998 but declared bankruptcy in 2001. Its shareholders are asserting their claim over Lee’s characters.
“Give the significant value of these franchise, SLMI’s failure to publicize, protect, or exploit its right to profit from the characters establishes that these claims are simply implausible,” the court said.
More Must-Reads From TIME
- Jane Fonda Champions Climate Action for Every Generation
- Biden’s Campaign Is In Trouble. Will the Turnaround Plan Work?
- Why We're Spending So Much Money Now
- The Financial Influencers Women Actually Want to Listen To
- Breaker Sunny Choi Is Heading to Paris
- Why TV Can’t Stop Making Silly Shows About Lady Journalists
- The Case for Wearing Shoes in the House
- Want Weekly Recs on What to Watch, Read, and More? Sign Up for Worth Your Time
Write to Noah Rayman at noah.rayman@time.com