Peloton, NordicTrack maker iFit settle all litigation
Reuters
Published May 16, 2022 09:54AM ET
Updated May 16, 2022 10:56AM ET
By Jonathan Stempel
NEW YORK (Reuters) -Peloton Interactive Inc and NordicTrack maker iFit said they have settled all pending litigation between them, where the fitness equipment makers accused each other of infringing their respective patents.
In a joint statement on Monday, the companies said Peloton (NASDAQ:PTON) agreed to license some iFit patents concerning remote control technology, while iFit will remove some on-demand leaderboard technology from its products.
Leaderboards compare how riders taking classes are performing relative to other riders, including in real time.
The settlement came six days after New York-based Peloton posted a record $757.1 million quarterly loss as it wrestled with waning demand for its bikes and treadmills, with more people resuming pre-pandemic activities.
Peloton had sued Logan, Utah-based iFit, once known as Icon (NASDAQ:ICLR) Health & Fitness, in the Delaware federal court in 2020 and 2021 for infringement related to its leaderboard technology.
Meanwhile, iFit filed complaints in 2021 and 2022 against Peloton with the Delaware court and the U.S. International Trade Commission, alleging that Peloton's Bike+ infringed a patent allowing users to alternate between biking and weightlifting.
The settlement also followed a Delaware judge's May 13 dismissal of a Peloton lawsuit accusing iFit of trade secret theft.
That case arose after a freelance prop man working on a commercial shoot emailed copies of scripts for Peloton TV commercials and a related digital ad campaign to his childhood friend, an iFit mechanic, in October 2020.
Shares of Peloton were down 33 cents, or 2.1% at $15.54 in morning trading. Their record high is $171.09, set in January 2021.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.