Alright...
JJJ's lawsuit has no merit. He's claiming fraud and wants the money back for all the photos based on that. The problem is that there's no fraud involved. He paid Pete to take pictures of Spider-Man, and that is exactly what Pete did. The Bugle sold a lot of issues and made a lot of money on those photos, so no "damage" was done to JJJ. The only way this is fraud is if the photos turn out to be fake- i.e., not really Spider-Man.
This is not the case. The photos ARE Spider-Man. The photographer is the one who misrepresented himself, but that's no different than any other artist working under a professional alias. The value of the photos isn't judged based on who produced them, but on the subject and quality of the photos.
JJJ paid for photos of Spider-Man. JJJ got photos of Spider-Man. There's no fraud here.
Think about it this way: If Hulk Hogan set up a tripod and took a bunch of self-photos of himself in various Hulk Hogan poses, in the HH costume, and then sold them to Pro Wrestling Illustrated under his real name of Terry Bolea, would that be fraud? No. PWI is getting what they paid for, and there's no crime in taking photos of yourself and selling them under an assumed name, so we can logically state that there is no crime in taking photos of yourself under an assumed name and then selling them via your legal name.
Another point: As Pete has operated as Spider-Man for many years now, he's probably legally allowed to use "Spider-Man" as a name. After so many years in common usage, the courts accept "stage names" as legal names.
So Spider-Man sold pictures of Spider-Man to the Daily Bugle, and had the checks made out to Peter Parker. No crime. JJJ's out of luck.
Let me also point out that Tony Stark's lawyers would eat The Daily Bugle's lawyers for lunch, even if JJJ did have a case, which he doesn't.