Peloton, New York, and iFIT, Logan, Utah, have settled all pending litigation between the two, the companies shared in a joint statement on May 16. This was three days after a judge dismissed a lawsuit by Peloton against iFIT alleging trade secret theft.
Peloton sued iFIT in 2020 and 2021 alleging patent infringement related to its leaderboard technology.
iFIT (which manufactures fitness brands Freemotion, NordicTrack, ProForm, Sweat, Weider and 29029) sued Peloton in 2021 and 2022 alleging Peloton’s Bike+ infringed on iFIT’s patent related to users being able to alternate between biking and weightlifting.
All pending actions between the companies will be dismissed. As a result of this settlement, iFIT has agreed to remove certain on-demand leaderboard technology from its products, and Peloton has agreed to license certain iFIT patents relating to remote control technology.
Last week, Peloton reported revenue decrease in third quarter 2022. Peloton is a public company, but iFIT is not, and as such, it has not reported its latest financials.
The announcement stated that the companies are pleased to put the litigations behind them and will have no further comment.