Peloton, Lululemon settle lawsuit over women's apparel line
Peloton Interactive Inc has reached a settlement of a lawsuit in which Lululemon Athletica Inc accused the exercise bike maker of infringing its patents by developing a line of apparel for women.
Without admitting wrongdoing, Peloton has agreed to phase out "certain designs" that Lululemon had objected to in a lawsuit, the companies said in a joint statement on Friday.
"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," the companies said.
Lululemon sued Peloton last Nov. 29 in Los Angeles, accusing it of infringing six design patents by selling five "copycat" bra and legging products: Strappy Bra, High Neck Bra, Cadent Peak Bra, Cadent Laser Dot Bra and Cadent Laser Dot Leggings.
The lawsuit was five days after Peloton sued Lululemon in Manhattan, seeking a declaration it had not infringed any Lululemon patents after the Canadian company had threatened to sue.
U.S. District Judge Andrew Carter dismissed Peloton's case on Thursday, clearing the way for Lululemon's case in Los Angeles to proceed.
The dispute arose from New York-based Peloton's September 2021 launch of a private-label apparel brand, following the end of the companies' five-year co-branding relationship.
Lululemon, based in Vancouver, British Columbia, also called Peloton's One Lux Tight a knockoff of its popular Align pants.
Peloton has struggled to combat falling demand for its bikes and at-home workouts as more people return to offices and gyms. Its share price has fallen more than 90% since last October.
On Thursday, Peloton said it will begin selling its equipment at Dick's Sporting Goods, the first brick-and-mortar stores to carry the equipment other than Peloton stores.
Reporting by Jonathan Stempel in New York Editing by Marguerita Choy
National Bank of Canada raised its dividend as it reported its fourth-quarter profit fell four per cent compared with a year ago. The increased payment came as National Bank said it earned $738 million or $2.08 per diluted share for the quarter ended Oct. 31, down from $769 million or $2.17 per diluted share in the same quarter last year. Revenue totalled $2.33 billion, up from $2.21 billion a year earlier.
Royal Bank of Canada raised its dividend as it reported a fourth-quarter profit of $3.88 billion compared with $3.89 billion in the same quarter last year. The bank said Wednesday it will now pay a quarterly dividend of $1.32 per share, an increase of four cents.
With the 2023 post-secondary education application deadlines approaching, many students across Canada are looking for alternatives to university and college, leaving parents anxious taking a ‘gap year’ could mean they never return to school.
Wouldn't it be nice to never have to work again? While this may sound like a dream to many, it is entirely possible. CTVNews.ca personal finance contributor Christopher Liew shares a handful of helpful tips on how to potentially achieve financial independence.
Recent homebuyers with variable-rate mortgages will find the adjustment to higher interest rates more painful, said Bank of Canada senior deputy governor Carolyn Rogers.
Buying your first car can be as exciting as it is daunting. Whether you’re buying a car off the lot from a dealership or purchasing a car in a private sale, contributor Christopher Liew shares in an exclusive column for CTVNews.ca a few basic tips that you should always keep in mind.
In March 2022 alone, food banks across Canada had 1.5 million visits, a 15 per cent increase from the year prior and the highest recorded usage on record.
Many Canadians have one or two old credit cards that they no longer use. Before you jump to close your old, unused credit card, CTVNews.ca contributor Christopher Liew outlines some of the pros and cons of closing a credit card account, so you can make the most informed decision.