Actually, if you read the EULA, they do specifically own everything about our characters. Right down to any stories we put in the "info" screen.
This, folks, is the most incorrect answer. YOU own the characters. As well as any AE mission you make. What you grant NCSoft in the EULA is exclusive worldwide royalty-free rights to use the characters/mission if they so choose to do so. Say, they wanted Brawling Humiliator to be part of the Freedom Phalanx. I can't say anything contrary, nor expect any payment. I might can expect a dialog about their not changing his looks, powers, or story. But that's about it.
This was gone round and round in the old CoH forums, with me at the head... it's like this:
1) NCSoft owns the game, the engine, the way it works, as well as all the parts and pieces used to do whatever is done on the client end.
2) YOU own whatever you *specifically create* in the game. That includes the character's bio, the *way* the powers are selected and slotted, the *way* the character is put together visually, the bio you create for it, the battle cry too. AE mission *text* is yours, as is the same 'how the character is made' player made custom enemies, What maps are used, where things might be placed, how the missions go along.
You DO NOT own the *pieces* or the *powers* of the characters you make. You ONLY own how the assembly goes together, as well as the description, and that's it.
Think of it as Lego, but with licensing of the actual Lego. You can get any set you like. You can put them together however you like, and even combine Lego sets. But you CANNOT sell the Lego, and Lego could take them back anytime it wishes. It is up to YOU to write down how to put together the "Amazingness Thingy" for your posterity. They have no legal obligation to make the Lego available anymore if they decide to pull all Lego from all people.
In other words... They get everything but your memories, personal notes, about what you built with the Lego. And that's how it is with CoH.
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The legality of whether you can sue for YOUR IP is in a nutshell: NO. You own it already, you can't sue for what you own.
The legality of whether you can sue for CoH to be able to SEE and USE your IP? The right lawyer, expensively paid, might just pull that off, but you'd spend so much doing it... I think I'd just ride a motorcycle. But hey, I'd appreciate it if you'd go on and do that for us all.
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I read every single word of the latest EULA, and have copies locally, and correctly interpreted and made notes. Legalese is such a headache. But that's the deal. Y'all have fun with it.