Lee, a chairman of Marvel Enterprises, claims he is owed the money under the terms of his 1998 employment agreement.
But Marvel maintains that the comics' author - who also created The Incredible Hulk and X-Men - is guaranteed only an annual salary of $1m (£630,000).
The New York-based company said in a document filed with the Securities and Exchange Commission this week that it has received a written claim from Lee for a share of profits.
Worldwide hit
Hollywood blockbuster Spider-Man was a worldwide hit, taking $114m (£77.57m) in its first three days in the US and Canada in May.
It grossed more than $800m (£514m) at the box office worldwide this year, making it a significant factor in Marvel's recent rosy earnings.
The movie also helped film company Sony to a record year.
In August, Sony went past the $1.27bn (£820m) the studio took in the US in 1997, the previous annual revenue record.
A sequel, The Amazing Spider-Man, is scheduled for release in 2004 and will again star Tobey Maguire and Kirsten Dunst. Director Sam Raimi will also return.
Several other films based on Marvel characters are also now in the works, including 20th Century Fox's Daredevil, set to open on 14 February 2003.
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