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May 16, 2022, 9:12 a.m. EDT

Peloton, iFIT settle all pending litigation against each other

Peloton Interactive Inc. (NAS:PTON) and privately held rival fitness equipment and subscription company iFIT announced Monday a settlement of all pending litigation between the companies. As part of the settlement, Peloton will license certain iFIT patents relating to remote control technology and iFIT will remove certain on-demand leaderboard technology from its products. The companies did not disclose any financial terms of the settlement. "The parties are pleased to put the litigations behind them and will have no further comment," the companies said in a joint statement. Peloton's stock, which fell 1.0% in premarket trading, has plunged 55.6% year to date through Friday, while the S&P 500 (S&P:SPX) has lost 15.6%.

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