A long-running suit against former Marvel owner and billionaire financier Ron Perelman has ended with an $80 million settlement. It all goes back to when Perelman owned Marvel and wrote many notes which he diverted to other businesses before Marvel’s 1996 bankruptcy.
Billionaire financier Ronald Perelman agreed to pay $80 million to settle a lawsuit in which he was accused of helping divert $553.5 million in notes when he controlled comic book publisher Marvel Entertainment Group.
Perelman, 65, and other Marvel directors were accused of moving proceeds to some of his other companies before Marvel’s 1996 bankruptcy. Noteholders, and eventually Marvel’s litigation trustees, sued in 1997 seeking $470.8 million in damages.
“The trustees believe that it would be irresponsible for them to reject the $80 million settlement offer,” their lawyers said June 20 in federal court papers in Wilmington, Delaware. Judge Sue Robinson scheduled a Sept. 11 hearing to consider approval of the accord.