Lee, whose creations Spider-Man, Fantastic Four and the X-Men have been turned into hit blockbusters, is being sued along with Marvel Comics by shareholders of Stan Lee Media Inc. (SLMI).
In papers filed in New York, SLMI claim that Lee signed the rights to his Marvel characters over to them and are seeking a portion of film and merchandising profits.
SLMI was formed by Lee in 1991 but went bankrupt a decade later. The company re-surfaced in 2006 without Lee's involvement. Lee later sued them for cybersquatting and copyright infringement.
"We look forward to a positive resolution for Stan Lee and his family," said Lee's attorney Mark Williams of the lawsuit.
Marvel, who are also named in the case, have dismissed the claims as "ridiculous".