Under Armour (UA), adidas Settle MapMyFitness-Related Patent Suit

Under Armour (NYSE: UA) and adidas are said to have settled a patent infringement civil suit, which also includes Under Armour subsidiary MapMyFitness.

Footwear News noted that adidas filed a suit in the U.S. District Court for the District of Delaware against MapMyFitness shortly after Under Armour acquired the company in 2014. The suit alleged violations of patents on fitness training and fitness tracking devices.

One spokesperson for adidas commented to Footwear NewsAdidas AG, Under Armour Inc. and MapMyFitness Inc. have resolved their pending patent litigation and entered into a confidential settlement agreement ... The parties were able to reach a mutually acceptable settlement agreement in which Adidas’s claims against Under Armour and its subsidiary MapMyFitness were dismissed with prejudice and Adidas granted a license to its patents in suit in exchange for a confidential licensing fee payable by Under Armour and MapMyFitness.

Shares of Under Armour are up 1.3 percent and trading to session highs.

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