DIC Sues Over Speed Racer

DIC Entertainment has filed a $5 million plus damages lawsuit against Speed Racer Enterprises (SPE) claiming breech of contract. DIC licensed the TV and merchandising rights to Speed Racer, and the option for new episodes, from SPE for $779,500 plus 50% of gross receipts. Speed Racer Enterprises claims that DIC did not exert its option to license additional TV episodes. DIC claims that it did not license additional episodes because SPE withheld vital contract information in an effort to sell the episodes in question to another distributor for more.

Source: ICv2 News and Anime News Network