Peloton, NordicTrack maker iFit settle all litigation

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NEW YORK (Reuters) -Peloton Interactive Inc and NordicTrack maker iFit stated they’ve settled all pending litigation between them, the place the health gear makers accused one another of infringing their respective patents.

In a joint assertion on Monday, the businesses stated Peloton agreed to license some iFit patents regarding distant management know-how, whereas iFit will take away some on-demand leaderboard know-how from its merchandise.

Leaderboards examine how riders taking courses are performing relative to different riders, together with in actual time.

The settlement got here six days after New York-based Peloton posted a report $757.1 million quarterly loss because it wrestled with waning demand for its bikes and treadmills, with extra individuals resuming pre-pandemic actions.

Peloton had sued Logan, Utah-based iFit, as soon as often called Icon Health & Fitness, within the Delaware federal courtroom in 2020 and 2021 for infringement associated to its leaderboard know-how.

Meanwhile, iFit filed complaints in 2021 and 2022 in opposition to Peloton with the Delaware courtroom and the U.S. International Trade Commission, alleging that Peloton’s Bike+ infringed a patent permitting customers to alternate between biking and weightlifting.

The settlement additionally adopted a Delaware decide’s May 13 dismissal of a Peloton lawsuit accusing iFit of commerce secret theft.

That case arose after a contract prop man engaged on a industrial shoot emailed copies of scripts for Peloton TV commercials and a associated digital advert marketing campaign to his childhood buddy, an iFit mechanic, in October 2020.

Shares of Peloton had been down 33 cents, or 2.1% at $15.54 in morning buying and selling. Their report excessive is $171.09, set in January 2021.

(Reporting by Jonathan Stempel in New York; Editing by Chizu Nomiyama)



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