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
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.
Canadians are buying less expensive food, stockpiling food and even eating less to cope with food prices as inflation soars, according to a new survey.
Most Canadian seniors would prefer to stay in their homes for as long as possible, what is referred to as aging in place, rather than in an assisted living facility, according to recent studies that have come out this year. Personal finance contributor Christopher Liew shares some practical tips on how to age in place, so you can continue living life on your terms.
With the holidays approaching, financial expert Robyn Thompson advises that now is the time to use old gift cards as rising inflation affects their purchasing power.
With many popular vacation destinations open to Canadians again since travel restrictions were dropped earlier this year, a travel expert advises those looking to book a winter trip to start booking now. Read Loren Christie’s tips on CTVNews.ca