Peloton and Lululemon settle patent infringement case
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Peloton Interactive (PTON) and Lululemon Athletica (NASDAQ:LULU) settled a patent infringement lawsuit between the two companies.
Lululemon (LULU) had accused Peloton Interactive (PTON) of developing a line of apparel for women that infringed on its patent protection with six different designs.
In the settlement, Peloton (PTON) has agreed to phase out certain designs that Lululemon had objected to in the lawsuit, however, the company did not admit to any wrongdoing.
"The parties have negotiated a mutually agreeable settlement, and are pleased the matters could be resolved amicably, resulting in dismissal of the pending litigation between them," read a statement from PTON and LULU.