(Reuters) - Peloton Interactive (NASDAQ:PTON) Inc and rival Echelon Fitness on Tuesday said they had settled all pending litigation between them, more than three years after Peloton sued the Tennessee-based fitness company for patent infringement.
Echelon has agreed to stop using Peloton's patented leaderboard technology in on-demand classes, the companies said in a statement.
Additional terms of the settlement were not disclosed.
Peloton, known for its exercise bikes with live-streaming and on-demand group workouts, had filed the lawsuit against Echelon Fitness in 2019 alleging it infringed Peloton's patents and sold "cheap, copycat" products.
Peloton escalated the dispute in 2021 by filing another lawsuit for allegedly copying its remote-workout technology.
The New York-based company had alleged Echelon bikes, treadmills and rowing machines infringed a patent covering a "control station", related to a leaderboard that helps users compare their performances during live classes.
Peloton was all the rage among fitness enthusiasts during COVID-19 lockdowns, but with people returning to gyms, the company saw demand for its fitness equipment dwindle.
Shares of Peloton have lost around 74% of their value since the start of the year.