Perelman to settle Marvel lawsuit: court papers

(Reuters) - Billionaire financier Ronald Perelman agreed to pay $80 million to settle a decade-long lawsuit with trustees for the comic-book publisher formerly known as Marvel Entertainment Group Inc, according to court papers.

Delaware federal judge Sue Robinson has scheduled a hearing date of September11 to consider a motion to approve the settlement.

The litigation dates back to 1997, months after Marvel Entertainment filed for bankruptcy protection. Perelman had acquired Marvel in 1989.

Noteholders for Marvel, which publishes comics including Spider-Man, sued Perelman, his holding company and others, claiming that they breached their fiduciary duty.

The settlement agreement is a result of negotiations over the last two years, the court papers obtained by Reuters show.

"It would be irresponsible for them to reject the $80 million settlement offer and risk the outcome and delay of a trial and appeal," the trustees said in papers filed on June 20 in Wilmington, Delaware, federal court.

Perelman could not immediately be reached for a comment.

(Reporting by Purwa Naveen Raman in Bangalore; editing by Tony Austin)