LONDON (Alliance News) - Fitness and wellbeing products and technology company Fitbug Holdings PLC on Monday said it has entered into a settlement agreement with US-competitor Fitbit Inc to resolve all of the litigation and claims between them.
Fitbug shares were down 5.5% at 0.780 pence on Monday morning, having initially jumped 9.3% on the news.
The company said the terms of settlement agreement are confidential, but the deal will remove the burden of ongoing legal costs of the litigation from the company.
Fitbug had previously accused Fitbit of infringing its trademark and of anti-competitive behaviour. Fitbug also had been working on separate trademark infringement claims in the UK and Europe against Fitbit, in addition to a US claim, which was denied by a California court in February 2014.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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